Tivat in Montenegro, Masdar in the United Arab Emirates, and EPCG, the national power company of Montenegro, signed three agreements, marking the 50:50 joint venture announced by both parties in April entering the project execution phase. The goal of the joint venture is to develop renewable energy installations of up to 2GW in Montenegro to meet domestic electricity demand and export to the Southern European market - the existing subsea power interconnection facilities between Montenegro and Italy provide a pathway for this.

150MW Photovoltaic Leading Array

The first two photovoltaic projects to land are the Š tedim power station (115MW) and the Krupac power station (35MW). Both parties also signed a pumped storage framework agreement, intending to jointly develop pumped storage power stations with a total capacity exceeding 400MW. Pumped storage can store energy when there is an oversupply of electricity and release it when needed, helping Montenegro integrate more renewable energy and enhance the flexibility and stability of the power system.

2GW blueprint and export imagination of Monita submarine cable

The joint venture will develop large-scale renewable energy projects in the fields of solar energy, wind energy, hydropower, pumped storage, battery storage, and hybrid energy solutions. The Minister of Energy and Mining of Montenegro stated that the project will drive hundreds of millions of euros in investment, enhance energy security, create new job opportunities, and create conditions for the export of green electricity through existing submarine cables to Italy. EPCG stated that the joint venture entered the project execution phase only three months after its establishment, reflecting the seriousness and trust of the cooperation.Editor/Cheng Liting