Masdar and EPCG Commit to 190 MWp of Solar in Montenegro Three Months After Forming Joint Venture
Masdar and Elektroprivreda Crne Gore (EPCG) signed joint development agreements for two solar plants totalling 190 MWp in Montenegro, alongside a framework agreement to examine pumped-hydro storage of more than 400 MW. The partners moved to project development three months after establishing their joint venture.
The joint venture was founded in April of this year on a 50:50 ownership split. Its stated target is up to two gigawatts of renewable capacity in Montenegro, with the two solar plants described as the first projects from that planned portfolio.
The larger of the two, Stedim, is designed at 140 MWp, with Krupac at 50 MWp. The framework agreement covering reversible hydropower plants is an examination of feasibility rather than a build commitment, according to EPCG. Those plants are intended to add flexibility and stability to the Montenegrin power system.
The partnership's scope runs wider than the signed projects. It covers solar, wind, conventional and pumped hydro, battery storage and hybrid energy solutions. The existing subsea electricity link between Montenegro and Italy is cited as one possible export route for output.
Masdar is a state-owned company of the United Arab Emirates specialising in renewable sources. Mohamed Jamil Al Ramahi, its chief executive, said the company plans to reach 100 GW of global renewable capacity by 2030. Against that target, the Montenegrin commitment is a small increment, but the joint venture's two-gigawatt ambition would make it a material national position.
Masdar already has market experience in Montenegro through its investment in the Krnovo wind farm, the largest active wind farm in the country.
The signings took place in the presence of Sultan Ahmed Al Jaber, the UAE minister of industry and advanced technology and chairman of Masdar, and Admir Sahmanovic, Montenegro's minister of energy and mining. For EPCG, the documents were signed by Milutin Djukanovic, chairman of the board of directors, and Zdravko Dragas, executive director; Masdar was represented by Husain Al Meer.
Sahmanovic said the partnership launches investments worth hundreds of millions of euros, strengthening energy security and creating jobs. He put the planned investment at a value that could reach several hundred million euros. Djukanovic said the cooperation model should deliver short-term and long-term value to the company and to Montenegro.
The pattern is one international developers watch in small markets: a state utility contributes site access and system knowledge, the foreign partner contributes balance sheet and delivery capacity, and equity is split evenly so neither side controls the pipeline. The 50:50 structure applies across the whole planned portfolio, not only the first two solar sites.
Energetski Portal reported the agreements on July 28, 2026.