EPCG, a state-owned power company in Montenegro, has partnered with Abu Dhabi Future Energy Co. and Masdar to establish a joint venture company with equal equity, jointly developing large-scale renewable energy projects in Montenegro.

Signing Background

The agreement was officially signed at the Adria Future Summit in the Adriatic coastal city of Tivat. The attendees of the ceremony include:

EPCG Chairman Milutin Đ ukanovi ć, CEO Zdravko Draga š

Ahmed Al Awadi, Advisor to Masdar Chief Operating Officer's Office (signed representative)

Admir Š ahmanovi ć, Minister of Energy and Mines of Montenegro

Khamis Rashed Ahmed Lebsaili Alshemeili, UAE Ambassador to Montenegro

Masdar CEO Jameel Al Ramahi

It is worth noting that both parties have officially announced the start of joint venture cooperation negotiations as early as January 2026. The United Arab Emirates and Montenegro have already reached an energy cooperation agreement in November 2025, and this joint venture layout is a deepening and continuation of energy cooperation between the two countries.

Joint venture structure and business scope

The headquarters of the joint venture company is located in Nichic and will deploy and operate the following types of clean energy projects in Montenegro: photovoltaic, wind power, hydropower, pumped storage, independent battery energy storage systems, and hybrid energy solutions.

strategic significance

This cooperation will effectively ensure the local energy supply of Montenegro and expand the scale of electricity exports. The project will not only meet the domestic energy demand of Montenegro, but also help to export renewable electricity to Western Balkans and Southern Europe regions. Both parties will activate the existing Monita underwater transmission channel connecting Italy and plan to further expand transmission capacity.

Š ahmanovi ć, Minister of Energy of Montenegro: The era of planning has passed, and the era of implementation, development, and concrete actions has arrived. Montenegro sends a clear signal to the outside world: open to investment, ready to implement large-scale projects, and determined to become a regional renewable energy center.

EPCG Chairman Đ ukanovi ć: Through the joint venture, we will enhance our clean energy generation capabilities, strengthen our operational and development competitiveness, and lay the foundation for the stable and long-term development of Montenegro's energy system.

Masdar CEO Al Ramahi: Europe is a strategic growth market for Masdar towards its goal of 100GW by 2030. We are honored to work together with the Montenegrin government and EPCG to promote energy transformation and contribute to energy security and sustainable economic growth in the entire region.

Masdar's layout in Montenegro and Europe

This cooperation is not Masdar's first foray into the energy market in Montenegro. As early as 2018, Masdar had already invested locally and participated in the development of the largest Krnovo wind farm project in Montenegro. Keywords: EPCG in Montenegro, energy cooperation, renewable energy

From the perspective of regional strategic layout, Masdar completed the acquisition of Turner Energy Company last year and continues to deeply cultivate the energy markets of Southeast Europe and Central Europe. This joint venture layout is the continuation and implementation of its regional expansion strategy.Editor/Gong Ziwei