Image: Montenegro
Ministry of Energy and Mining
Future Energy Company of Abu Dhabi (Masdar) and Montenegrin state-owned company EPCG have said they will explore setting up a joint venture to develop large-scale renewable energy projects in Montenegro.
The two parties signed a framework agreement during the Abu Dhabi Sustainability Week. Under the terms of the agreement, the joint venture would develop, build, own and operate projects across a range of technologies, including solar energy, standalone battery energy storage systems and hybrid solutions.
A statement on the website of the Government of Montenegro said the aim of the cooperation is to support the country’s domestic energy needs while enabling the export of renewable energy to the Balkans and South-Eastern Europe, including the use of Montenegro’s existing submarine interconnector with Italy.
The country’s Minister of Energy and Mining, Admir Šahmanović, said the partnership would ensure greater energy security, new jobs and modernization of Montenegro’s energy sector.
“Through investments in renewable sources, Montenegro comes one step closer to gradually giving up coal and switching to clean energy, which is the only sustainable solution for the future of coming generations,” the minister added.
Masdar is already present in Montenegro’s energy sector through its 2018 investment in the 72 MW Krnovo wind farm, the largest in the country.
According to figures from the International Renewable Energy Agency (IRENA), Montenegro’s cumulative solar capacity reached 30 MW at the end of 2024.
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