Masdar And EPCG To Explore Joint Venture For Development Of Renewables In Montenegro

• Masdar and EPCG, Montenegro's national power utility, agree to explore a joint venture to deliver clean energy projects
• Partnership to advance large-scale renewable energy projects across multiple technologies in Montenegro
• Collaboration builds on Masdar's existing presence in Montenegro, and regional expansion across Southeast Europe

Abu Dhabi, United Arab Emirates - January 14, 2026: Abu Dhabi Future Energy Company PJSC - Masdar, a global clean energy leader, and Elektroprivreda Crne Gore (EPCG), Montenegro's national power utility, have agreed to explore a joint venture to develop large-scale renewable energy projects in Montenegro.

The signing took place at Abu Dhabi Sustainability Week 2026, in the presence of Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Chairman of Masdar; Prime Minister of Montenegro, H.E. Milojko Spajić; and H.E. Admir Šahmanović, Minister of Energy and Mining for Montenegro as well as senior representatives from both organizations.

Under the terms of the agreement, Masdar and EPCG will explore a joint venture to develop, construct, own and operate clean energy projects across a range of technologies, including solar photovoltaic (PV), wind, hydropower, stand-alone battery energy storage systems and hybrid solutions.

The collaboration aims to support Montenegro's domestic energy needs while enabling the export of renewable electricity to the Balkans and Southeast Europe. This includes leveraging Montenegro's existing sub-sea interconnection with Italy, as well as its potential expansion.

The partnership aims to combine EPCG's position as Montenegro's leading energy producer and Masdar's global expertise in renewable energy project development. Through this collaboration, Masdar and EPCG aim to accelerate Montenegro's energy security and contribute to the energy transformation of the broader European energy market.

This agreement follows the signing of the UAE-Montenegro Energy Cooperation Agreement between the UAE and Montenegro in early November 2025.

Building on the broader strategic partnership between the UAE and Montenegro, Masdar's collaboration with EPCG leverages on its existing presence in Montenegro through its 2018 investment in the 72-megawatt Krnovo Wind Farm, which remains the country's largest operating wind project to date. The partnership also complements Masdar's broader expansion and investment in Southeast Europe and Central Europe through its Greek platform, TERNA ENERGY, acquired last year.

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