Masdar, a global clean energy leader, and Elektroprivreda Crne Gore (EPCG), Montenegro’s national power utility, have advanced their strategic partnership into project execution with agreements covering 150 megawatts (MW) of solar capacity and the potential development of over 400MW of pumped hydro energy storage.

The agreements represent the first projects to be progressed through the 50/50 joint venture to be established by Masdar and EPCG after the Joint Venture Agreement (JVA) signing in April 2026. The joint venture is targeting up to 2 gigawatts (GW) of renewable energy capacity in Montenegro, creating a platform to meet growing domestic electricity demand, strengthen national energy security and support future exports to neighboring European markets.

First projects in 2GW Montenegro pipeline

The JDAs cover the Štedim solar photovoltaic (PV) project (115MW) and the Krupac solar PV project (35MW). Masdar and EPCG also signed a framework for action (FFA) agreement to explore the joint development of over 400MW of pumped hydro energy storage projects. By storing electricity when supply exceeds demand and releasing it when required, pumped hydro could enable Montenegro to integrate more renewable power while improving the flexibility, stability and resilience of its electricity system.

In the presence of His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar and His Excellency Admir Šahmanović, Montenegro Minister of Energy and Mining, the agreements were signed in Tivat, Montenegro by Milutin Đukanović, Chairman of the Board of Directors of EPCG, Zdravko Dragaš, Chief Executive Officer of EPCG, and Husain Al Meer, Executive Director, Global Offshore Wind and UK Business, Masdar.

Masdar and EPCG announced in April they were forming a 50/50 JV to develop large-scale projects across a range of technologies, including solar, wind, hydropower, pumped hydro, battery storage and hybrid energy solutions. The partnership is targeting developing up to 2 gigawatts (GW) of renewable energy capacity in Montenegro to support its 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.

Supporting Montenegro’s regional energy ambitions

The joint venture established by Masdar and EPCG will explore utility-scale projects across solar, wind, hydropower, pumped hydro, battery storage and hybrid energy technologies.

The platform is intended to serve Montenegro’s growing domestic energy requirements while creating opportunities to export renewable electricity to the Western Balkans and Southern Europe. Montenegro’s existing subsea electricity interconnection with Italy provides a potential route into the wider European power market.

Masdar has been active in Montenegro since 2018 through its investment in the 72MW Krnovo Wind Farm, the country’s largest operating wind project.

Europe central to Masdar’s 100GW by 2030 target

Europe is a key strategic market for Masdar as it targets global portfolio capacity of 100GW by 2030. TERNA ENERGY, which Masdar acquired in 2025, is developing the 680MW Amfilochia project, one of the largest pumped hydro storage projects in Europe, providing relevant technical and development experience for the opportunities being assessed in Montenegro.

Masdar has a diversified global portfolio of more than 65GW, spanning both established and high-growth renewable energy markets and covering the full spectrum of renewable technologies, including solar, onshore wind, offshore wind, battery energy storage and hybrid solutions. Masdar continues to expand its global platform through disciplined growth across priority markets, delivering reliable, affordable clean power to meet the world's rapidly growing electricity demand.