UAE state-owned renewables developer Masdar and Montenegro’s national power utility, Elektroprivreda Crne Gore (EPCG), have signed a joint development agreement for 150MW of solar PV.
The two companies have also signed a framework agreement to explore the development of more than 400MW of pumped hydro energy storage projects aimed at strengthening the country’s grid flexibility and resilience.
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This comes three months after the two companies signed a 50/50 joint venture agreement aimed at developing large-scale clean energy projects in Montenegro.
The JV aims to develop up to 2GW of solar PV, wind, hydropower, pumped hydro, battery energy storage and hybrid capacity in the Balkan country. The buildout of renewable energy capacity aims to support the country’s energy needs, while also enabling the export of renewables to the western Balkans and southern Europe.
The first two solar PV projects are the Štedim solar PV project (115MW) and the Krupac solar PV project (35MW).
“For years, we have been talking about Montenegro’s exceptional potential in the field of renewable energy sources. Today, we can say that we have created the conditions for this potential to become concrete projects,” said Admir Šahmanović, Montenegro minister of energy and mining.
“We are launching investments worth hundreds of millions of euros that will strengthen our energy security, create new jobs and new development opportunities for our citizens, ensure more stable energy supply for the economy, and create the conditions for green energy to become one of Montenegro’s most significant export products,” added Šahmanović.
Masdar’s CEO, Mohamed Jameel Al Ramahi, added that the Balkans and south-east and central Europe are important growth markets for the renewables developer to reach its target of 100GW operational renewable energy capacity by 2030.
As part of that market growth, in 2024 the company acquired a majority stake in Greek renewable power firm Terna Energy, which is developing a 680MW pumped hydro project in Greece and one of the largest such projects in Europe, according to Masdar. Terna is also set to develop a 130MW solar PV plant in eastern Bulgaria.
