Abu Dhabi, United Arab Emirates – January 14, 2026: Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, and Elektroprivreda Crne Gore (EPCG), Montenegro’s national power utility, have agreed to explore a joint venture to develop large-scale renewable energy projects in Montenegro.
The signing took place at Abu Dhabi Sustainability Week 2026, in the presence of Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Chairman of Masdar; Prime Minister of Montenegro, H.E. Milojko Spajić; and H.E. Admir Šahmanović, Minister of Energy and Mining for Montenegro as well as senior representatives from both organizations.
Under the terms of the agreement, Masdar and EPCG will explore a joint venture to develop, construct, own and operate clean energy projects across a range of technologies, including solar photovoltaic (PV), wind, hydropower, stand-alone battery energy storage systems and hybrid solutions.
The collaboration aims to support Montenegro’s domestic energy needs while enabling the export of renewable electricity to the Balkans and Southeast Europe. This includes leveraging Montenegro’s existing sub-sea interconnection with Italy, as well as its potential expansion.
The partnership aims to combine EPCG’s position as Montenegro’s leading energy producer and Masdar’s global expertise in renewable energy project development. Through this collaboration, Masdar and EPCG aim to accelerate Montenegro’s energy security and contribute to the energy transformation of the broader European energy market.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: ‘Partnerships like this demonstrate how pragmatic collaboration can accelerate the global energy transformation while strengthening energy security and economic resilience. This agreement reflects Masdar’s disciplined approach to expansion in strategic markets with strong fundamentals and long-term growth potential. By partnering with EPCG, we are combining global development expertise with strong local capability to support energy independence and economic growth in Montenegro and the wider Balkans.’
His Excellency Admir Šahmanović, Minister of Energy & Mining, said: ‘Such strategic partnerships bring not only greater energy security, but also new jobs, stronger development, and the modernization of our energy sector. Through investments in renewable energy sources, Montenegro is taking an additional step toward the gradual phase-out of coal and the transition to clean energy, which is the only sustainable solution for future generations. Our goal is a stable system today and a responsible policy for tomorrow.’
Milutin Đukanović, President of the Board of Directors of Elektroprivreda Crne Gore, said: ‘This cooperation confirms EPCG’s clear development vision based on sustainability, responsible management, and strengthening the country’s energy independence. Partnering with a renowned global company represents strategic positioning of Montenegro within the modern energy landscape and an important step toward diversifying energy sources. In the context of the upcoming implementation of the CBAM mechanism, it is essential to accelerate investments in the energy sector. Alongside the strong development of our own projects, cooperation with leading international partners is key to faster sector development and enhanced national competitiveness. Energy development represents a historic opportunity for Montenegro that we must not miss.
Zdravko Dragaš, Chief Executive Officer of EPCG, said: ‘This agreement represents an important step forward in the development of Montenegro’s energy sector and a strong signal of confidence from a renowned global partner in Montenegro’s potential. By partnering with Masdar, one of the world’s leading renewable energy companies, EPCG further strengthens its role as a driver of the energy transition, enhances our energy security, and lays the foundation for new investments in solar, wind, and other clean technologies. Our shared goal is for Montenegro, in addition to meeting its own consumption needs, to become a reliable exporter of green energy to the region and beyond, leveraging existing infrastructure and the country’s strategic position.’
This agreement follows the signing of the UAE-Montenegro Energy Cooperation Agreement between the UAE and Montenegro in early November 2025.
Building on the broader strategic partnership between the UAE and Montenegro, Masdar’s collaboration with EPCG leverages on its existing presence in Montenegro through its 2018 investment in the 72-megawatt Krnovo Wind Farm, which remains the country’s largest operating wind project to date. The partnership also complements Masdar’s broader expansion and investment in Southeast Europe and Central Europe through its Greek platform, TERNA ENERGY, acquired last year.