Masdar, EPCG sign agreements for solar and energy-storage projects

Abu Dhabi Future Energy Company – Masdar 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 neighbouring European markets.

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 Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, and 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.

Dr Sultan Al Jaber said, “Europe’s demand for reliable, affordable energy is rising, and the need for new capacity has never been clearer. Today’s agreements reflect Masdar’s ability to bring global expertise, proven technology and long-term investment to markets with strong growth potential. They also mark an important step in the deepening relationship between the UAE and Montenegro.

“By working with our partners to deliver high-quality energy infrastructure, Masdar is supporting Montenegro’s energy security and creating a strong platform for sustainable economic growth.”

Šahmanović said, “For years, we have been talking about Montenegro’s exceptional potential in the field of renewable energy sources. Today, we can say that we have created the conditions for this potential to become concrete projects.

“Just three months after the establishment of the joint company, we are moving into the phase of implementing the first projects, which is the best confirmation of the seriousness of this partnership and the trust that one of the world’s leaders in clean energy has placed in Montenegro.”

He added, “Through this partnership, we are not only building new energy capacities; we are building a safer, stronger, and more competitive Montenegro. We are launching investments worth hundreds of millions of euros that will strengthen our energy security, create new jobs and new development opportunities for our citizens, ensure a more stable energy supply for the economy, and create the conditions for green energy to become one of Montenegro’s most significant export products.”b

WAM