Masdar Establishes Joint Venture with Montenegro's EPCG to Develop Large-Scale Renewable Projects

Gate News message, April 23 — Masdar, the UAE state-owned renewable energy company, announced the establishment of an equally owned joint venture with Elektroprivreda Crne Gore (EPCG), Montenegro’s national power utility, to develop large-scale renewable energy projects across the Balkan state. The jointly headquartered venture will deploy solar, wind, hydroelectric, pumped-hydro energy storage, standalone battery storage systems, and hybrid solutions.

The projects will support Montenegro’s domestic energy demands while enabling the export of renewable power to the Western Balkans and Southern Europe, leveraging existing subsea interconnections with Italy. CEO Mohamed Jameel Al Ramahi stated, “Europe is a strategic growth market for Masdar as we advance towards our 100 gigawatt by 2030 target.” The partnership follows a UAE-Montenegro energy cooperation agreement signed in November 2025 and a joint venture establishment plan announced in January 2026.

Masdar previously invested in the 72-megawatt Krnovo Wind Farm, Montenegro’s largest operating wind project, in 2018. The company is expanding across Southeast and Central Europe through its acquisition of Greek clean energy firm Terna Energy. Recent moves include a February memorandum of understanding with Germany’s RWE on battery energy storage projects and a March agreement to sell a 60 percent stake in nine Portuguese wind farms to Spain-based Exus Renewables.