UGT Renewables signs deal on renewables, energy storage with Montenegro’s EPCG

UGT Renewables deal renewables energy storage Montenegro s EPCG UGTR UGT

Photo: UGT Renewables and Hyundai Engineering will create a substantial number of local jobs (Government of Montenegro)


November 4, 2022






November 4, 2022





Montenegro’s EPCG and US-based UGT Renewables signed an agreement on the joint development of projects for the production of electricity from renewable sources and energy storage.

Following a meeting in September with outgoing Prime Minister Dritan Abazović, UGT Renewables (UGTR), headquartered in Miami, signed an agreement with Montenegro’s state-owned power utility Elektroprivreda Crne Gore (EPCG). The deal is for the joint development of projects for the production of electricity from renewable sources as well as for energy storage.

At the ceremony in the country’s capital Podgorica, the United States–based company’s Chief Executive Officer Adam Cortese said it would aid Montenegro in a swift and efficient transition to a cleaner, greener energy generation base. With more than 12 GW of projects under development in three regions around the world, UGTR, alongside its sister companies Sun Africa and Sun Arabia, is the largest US solar energy and storage developer working internationally, he pointed out.

UGT Renewables UGTR energy storage Montenegro
UGT Renewables will aid Montenegro in a swift and efficient transition to a cleaner, greener energy generation base, CEO Adam Cortese said

UGTR bears all upfront risks and expenses during project development

“UGTR’s novel approach to solar and storage project development provides turn-key solutions to sovereign partners that include the development, design, engineering, construction, and commissioning of utility-scale solar PV plants with energy storage facilities to be owned and operated by state-owned utilities. Not only does UGTR bear all upfront risks and expenses during the project development phase but we arrange a financial structure that allows our partners to invest in themselves and their own green energy infrastructure,” Cortese stated.

UGT Renewables arranges a financial structure that allows its partners to invest in themselves and their own green energy infrastructure

UGTR has established a strategic partnership in Europe and Central Asia with Hyundai Engineering from South Korea. At the ceremony, they also signed a separate agreement on cooperation in Montenegro.

Cortese: Wherever we go, we employ leading local companies

“Together, UGTR and Hyundai will intertwine both international and local resources to ensure Montenegro not only benefits from renewable energy production, but creates a substantial number of local jobs. Wherever we go, we employ leading local companies as it relates to surveying, spatial planning, environmental assessment, regulatory assessment, construction, electromechanical and civil engineering,” Cortese stressed.

Abazović said Montenegro expressed hope that the cooperation with the two foreign companies would result in the construction of the country’s first utility-scale solar power plant.

“We believe this is just a good start, where the UGTR group and Hyundai, together with our, domestic partners, with people that use Montenegro’s resources and knowledge, materialize what we have been waiting for for over 40 years. Namely, to get new energy facilities in our state. Our new energy facilities have to be green energy producers,” according to the prime minister.

He said the country is possibly at a historic crucial point for the development of its energy sector. “We want to become a country that is a hub and use the connection that it already has with Italy via the submarine cable, but also the interconnections that are yet to come in our state, to connect with other countries as well so that Montenegro is a substantial electricity exporter at some point.

EPCG to expand its rooftop solar program

President of the Board of Directors of EPCG Milutin Đukanović praised the new strategic cooperation in the context of the energy transition and overcoming the energy crisis as well as for making up for the past decades when EPCG didn’t invest in new production capacities. He announced that the utility would expand its rooftop solar programs Solari 3000+ to 5000+, with a goal to set up 70 MW in overall capacity.

Park: Hyundai Engineering hopes to provide green energy solutions in Montenegro and the Balkans together with UGT Renewables

Hyundai Engineering’s Senior Manager Sang-Min Park noted that the South Korean engineering, procurement and construction company is expanding from the conventional energy sector to renewable energy. He expressed confidence that it would provide green energy solutions in Montenegro and the Balkans together with UGT Renewables.

The proposed project will be supported by the US and South Korean governments, Park added.

US Ambassador to Montenegro Judy Rising Reinke, who attended the event, said she was honored to be part of the important milestone for UGT Renewables and EPCG. “These two firms together with Hyundai Engineering will develop clean energy projects that will reduce Montenegro’s energy dependence and, at the same time, strengthen the commercial ties between our two countries. I am confident that this will be a pivotal point in the development of Montenegro’s energy landscape,” she added.

UGTR is discussing similar projects with Serbia and North Macedonia.

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