Masdar and EPCG advance 2GW partnership in Montenegro with first solar and energy-storage projects

Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, 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 neighboring 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. 

In the presence of His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar and His Excellency 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.