Masdar and Elektroprivreda Crne Gore (EPCG), Montenegro’s national power utility, have agreed to form a 50/50 joint venture (JV) to develop large-scale renewable energy projects in Montenegro.

In the presence of His Excellency Admir Šahmanović, Minister of Energy and Mining for Montenegro, His Excellency Khamis Rashed Ahmed Lebsaili Alshemeili, Ambassador of the United Arab Emirates to Montenegro, and Mohamed Jameel Al Ramahi, CEO of Masdar, the agreement was signed at the Adria Future Summit by Milutin Đukanović, President of the Board of Directors of EPCG, Zdravko Dragaš, CEO of EPCG and Ahmed Al Awadi, Advisor, Office of the COO, Masdar.

Through the JV, to be headquartered in Nikšić, Masdar and EPCG will deploy and operate clean energy projects across a range of technologies, including solar photovoltaic (PV), wind, hydropower, pumped hydro energy storage, stand-alone battery energy storage systems and hybrid solutions in Montenegro.

The collaboration is intended to support Montenegro’s domestic energy needs while also enabling the export of renewable electricity to the Western Balkans and Southern Europe, including leveraging an existing sub-sea interconnection with Italy.

The JV will combine EPCG's position as Montenegro's leading energy producer and Masdar's global expertise in renewable energy project development to enhance Montenegro’s energy security and accelerate energy transformation in the country and across the broader European energy market.

Masdar and EPCG announced at Abu Dhabi Sustainability Week 2026 in January that they were exploring the JV, following the signing of a UAE-Montenegro energy cooperation agreement in November 2025.

The JV will also build on Masdar’s existing presence in Montenegro through its 2018 investment in the 72-megawatt Krnovo Wind Farm, the country’s largest operating wind project. The partnership also complements Masdar’s broader expansion and investment in Southeast Europe and Central Europe through its platform, TERNA ENERGY, acquired last year.