Masdar joint venture to develop renewable projects in Montenegro

Masdar, the UAE state-owned renewable energy company, is partnering with Elektroprivreda Crne Gore (EPCG), Montenegro’s national power utility, to develop large-scale renewable energy projects in Montenegro.

Headquartered in Nikšić, Montenegro’s second-largest city, the equally owned joint venture will deploy and operate solar, wind, hydropower, pumped-hydro energy storage, stand-alone battery energy storage systems, and hybrid solutions across the Balkan state.

The projects will support Montenegro’s local energy needs and enable the export of renewable power to the Western Balkans and Southern Europe, including by leveraging an existing subsea interconnection with Italy, Masdar said in a statement.

It did not give any details on the investment earmarked for Montenegro.

“Europe is a strategic growth market for Masdar as we advance towards our 100 gigawatt by 2030 target,” said CEO Mohamed Jameel Al Ramahi.

Masdar and EPCG announced in January plans to establish a joint venture following the signing of the UAE-Montenegro energy cooperation agreement in November 2025.

The UAE company invested in the 72-megawatt Krnovo Wind Farm, Montenegro’s largest operating wind project, in 2018.

Further reading:

• Aldar-Mubadala venture buys The Link in Masdar City
• Masdar and TotalEnergies to merge onshore assets in Asia
• Adnoc and Masdar look at Germany for new energy ventures

The partnership will further support Masdar’s expansion and investment in Southeast and Central Europe through Terna Energy, a Greek clean energy company acquired last year.

In February, Masdar and Germany’s RWE signed a memorandum of understanding to collaborate on identifying and pursuing investments in battery energy storage system projects in Germany. 

A month later Masdar agreed to sell a 60 percent stake in a portfolio of nine wind farms in Portugal to Spain-based Exus Renewables.
The Abu Dhabi-based green energy producer is owned by Abu Dhabi’s state-owned Taqa (43 percent), Mubadala (33 percent) and Adnoc (24 percent).