Masdar-EPCG renewable energy partnership
Analysis based on 13 articles · First reported Mar 09, 2018 · Last updated Jul 28, 2026
The partnership signals increased investment in Montenegro's renewable energy sector, potentially boosting the country's energy independence and export capacity. For Masdar, it reinforces its European growth strategy and progress toward its 100 GW global target by 2030.
Masdar, an Abu Dhabi-based clean energy company, and Montenegro's national power utility Elektroprivreda Crne Gore (EPCG) have signed joint development agreements for two solar photovoltaic projects (Štedim 115 MW and Krupac 35 MW) and a framework agreement to explore over 400 MW of pumped hydro energy storage. These are the first projects under a 50/50 joint venture established in April 2026, targeting up to 2 GW of renewable energy capacity in Montenegro. The partnership aims to strengthen Montenegro's energy security, meet domestic demand, and enable exports to Balkans and Southern Europe via the existing subsea power link with Italy. Masdar has been active in Montenegro since 2018 through its 72 MW Krnovo Wind Farm investment. The agreements were signed in Tivat, Montenegro, with officials from both countries highlighting the strategic importance.
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