BAKU, Azerbaijan, April 23. Abu Dhabi-based clean energy company Masdar and Montenegro’s state-owned power utility Elektroprivreda Crne Gore (EPCG) have agreed to form a 50/50 joint venture aimed at developing large-scale renewable energy projects across the country, Trend reports via Masdar.
The new JV, to be headquartered in Nikšić, will focus on deploying and operating a range of clean energy assets, including solar photovoltaic (PV) and wind farms, hydropower facilities, pumped hydro storage, standalone battery energy storage systems, as well as hybrid energy solutions.
The partnership is designed to meet Montenegro’s growing domestic electricity demand while also supporting potential renewable power exports to markets in the Western Balkans and Southern Europe. This includes leveraging existing cross-border infrastructure such as the submarine interconnection cable with Italy.
By combining EPCG’s role as Montenegro’s leading electricity producer with Masdar’s global experience in renewable energy development, the joint venture aims to strengthen national energy security and accelerate the country’s energy transition, while contributing to broader regional decarbonisation efforts.
The agreement follows earlier discussions announced during Abu Dhabi Sustainability Week 2026 in January, when both companies confirmed plans to explore the JV after signing a UAE–Montenegro energy cooperation agreement in November 2025.
The initiative also builds on Masdar’s existing footprint in Montenegro, including its 2018 investment in the 72 MW Krnovo Wind Farm, the country’s largest operational wind energy project. It further complements Masdar’s expanding presence in Southeast and Central Europe through its platform TERNA ENERGY, acquired last year.