BAKU, Azerbaijan, January 16. Masdar, a global clean energy developer, and Montenegro’s national power utility, Elektroprivreda Crne Gore (EPCG), have agreed to explore a joint venture to develop large-scale renewable energy projects in Montenegro, Trend reports via Masdar.
The agreement was signed at Abu Dhabi Sustainability Week 2026.
Under the terms of the deal, Masdar and EPCG will examine opportunities to develop, construct, own, and operate clean energy projects across multiple technologies, including solar photovoltaic, wind, hydropower, standalone battery storage, and hybrid systems.
The partnership aims to meet Montenegro’s domestic energy demand while enabling renewable electricity exports to the Balkans and Southeast Europe, leveraging the country’s existing subsea connection with Italy and potential network expansion.
The collaboration combines EPCG’s position as Montenegro’s leading energy producer with Masdar’s global expertise in renewable energy project development. The initiative is intended to enhance Montenegro’s energy security and support the broader energy transition in Europe.
The agreement builds on the UAE-Montenegro Energy Cooperation Agreement signed in November 2025 and Masdar’s existing presence in Montenegro through its 2018 investment in the 72-megawatt Krnovo Wind Farm, the country’s largest operating wind project. It also complements Masdar’s expansion in Southeast and Central Europe via its Greek platform, TERNA ENERGY, acquired last year.