Photo: EPCG
EPCG and Masdar are starting a joint venture with 50% ownership each. They announced they would work on clean energy projects across multiple technologies. The partnership is envisaged to support Montenegro’s domestic energy needs while enabling exports of electricity to the Western Balkans and Southern Europe. The collaboration would build on Masdar’s existing presence in the country and complements the expansion across the region.
State-owned power utility of Montenegro EPCG – Elektroprivreda Crne Gore – and green energy giant Abu Dhabi Future Energy Co. (Masdar) from the United Arab Emirates agreed to set up a 50/50 joint venture to develop large-scale renewable energy projects in the Balkan country.
President of the Board of Directors of EPCG Milutin Đukanović, the company’s Chief Executive Officer Zdravko Dragaš and Advisor at the Office of the Chief Operating Officer of Masdar Ahmed Al Awadi signed the deal at the Adria Future Summit. Montenegro’s Minister of Energy and Mining Admir Šahmanović, Ambassador of the UAE to Montenegro Khamis Rashed Ahmed Lebsaili Alshemeili and Masdar’s CEO Jameel Al Ramahi attended the ceremony in the Adriatic seaside town of Tivat.
Partners planning investments including hydropower, batteries, hybrid facilities
The companies said that through their JV headquartered in Nikšić, where EPCG is based, they would deploy and operate clean energy projects in Montenegro across a range of technologies. It includes photovoltaics, wind, hydropower, pumped hydro energy storage, standalone battery energy storage systems and hybrid solutions in Montenegro.
Šahmanović: The time for planning is behind us; the time for implementation, development and concrete actions is ahead of us.
“This partnership represents a turning point for the energy future of Montenegro. By joining the forces, Masdar and EPCG bring together global knowledge, strong national capacity and a shared ambition to speed up the transition towards clean energy. In this way Montenegro sends a clear message that it is open for investments, ready to implement large-scale projects and determined to become a regional center for renewable energy,” Šahmanović asserted.
EPCG strategically committed to developing sustainable solutions, modernizing
The partnership with Masdar confirms EPCG’s strategic commitment to the deployment of sustainable energy solutions and the modernization of its generation portfolio, Đukanović said. “Through the JV, we will enhance capacities for clean energy generation and additionally strengthen our operational and development competencies. These projects will create the basis for a stable and long-term development of Montenegro’s energy system,” he stated.
The collaboration is intended to support Montenegro’s domestic energy needs while also enabling exports of renewable electricity to the Western Balkans and Southern Europe, the partners said. It would involve leveraging the existing Monita subsea interconnection with Italy, with a potential increase in its capacity, according to EPCG.
Europe is a strategic growth market for Masdar
Europe is a strategic growth market in Masdar’s advance towards its target of 100 GW by 2030, CEO Al Ramahi underscored.
“This milestone supports Masdar’s continued portfolio growth and shared ambition to accelerate renewable energy development in Montenegro and the wider Balkan region, while deepening the longstanding partnership between the UAE and Montenegro. We are proud to work alongside the Government of Montenegro and EPCG in advancing the country’s energy transformation and contributing to energy security and sustainable economic growth across the region,” he added.
Masdar and EPCG said in January that they were exploring the establishment of a JV, after the UAE and Montenegro signed an energy cooperation agreement in November.
The JV will also build on Masdar’s existing presence in Montenegro through its 2018 investment in Krnovo, the country’s largest wind farm. The partnership complements the company’s broader expansion and investment in Southeast and Central Europe through Terna Energy, acquired last year.
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