BAKU, Azerbaijan, April 23. Abu Dhabi-based
clean energy company Masdar and Montenegro’s state-owned power
utility Elektroprivreda Crne Gore (EPCG) have agreed to form a
50/50 joint venture aimed at developing large-scale renewable
energy projects across the country, Trend reports via Masdar.
The new JV, to be headquartered in Nikšić, will focus on
deploying and operating a range of clean energy assets, including
solar photovoltaic (PV) and wind farms, hydropower facilities,
pumped hydro storage, standalone battery energy storage systems, as
well as hybrid energy solutions.
The partnership is designed to meet Montenegro’s growing
domestic electricity demand while also supporting potential
renewable power exports to markets in the Western Balkans and
Southern Europe. This includes leveraging existing cross-border
infrastructure such as the submarine interconnection cable with
Italy.
By combining EPCG’s role as Montenegro’s leading electricity
producer with Masdar’s global experience in renewable energy
development, the joint venture aims to strengthen national energy
security and accelerate the country’s energy transition, while
contributing to broader regional decarbonisation efforts.
The agreement follows earlier discussions announced during Abu
Dhabi Sustainability Week 2026 in January, when both companies
confirmed plans to explore the JV after signing a UAE–Montenegro
energy cooperation agreement in November 2025.
The initiative also builds on Masdar’s existing footprint in
Montenegro, including its 2018 investment in the 72 MW Krnovo Wind
Farm, the country’s largest operational wind energy project. It
further complements Masdar’s expanding presence in Southeast and
Central Europe through its platform TERNA ENERGY, acquired last
year.
