"source" The National Electricity Company is exploring opportunities to jointly develop renewable energy projects in Montenegro
ABU DHABI, 16 JANUARY / WAM / Abu Dhabi Future Energy Company “Masdar”, the global leader in the field of clean energy, today announced the signing of an agreement with the National Electricity Company of Montenegro to explore opportunities for joint development of large-scale renewable energy projects in Montenegro.
The agreement was signed during the activities of Abu Dhabi Sustainability Week 2026, in the presence of His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of the Board of Directors of Masdar, His Excellency Milojko Spajic, Prime Minister of the Republic of Montenegro, and His Excellency Admir Sahmanovic, Minister of Energy and Mining of Montenegro, in addition to prominent representatives from both sides.
Under the terms of the agreement, Masdar and the National Electric Power Company will explore opportunities to develop, build, own and operate clean energy projects with multiple technologies, including solar photovoltaic, wind, hydropower, independent battery energy storage systems, and hybrid solutions.
This cooperation aims to support Montenegro’s local energy needs, while enabling the export of electricity from renewable sources to the Balkan countries and southeastern Europe. This includes taking advantage of the existing maritime connection between Montenegro and Italy, as well as the possibility of expanding it.
The partnership combines the efforts of the National Electric Power Company and its leading position in energy production in Montenegro, with Masdar’s experience in developing renewable energy projects worldwide.
Through this cooperation, the two companies seek to accelerate efforts to achieve energy security in Montenegro and contribute to the development of the energy sector on the European continent.
His Excellency Admir Sahmanovic, Minister of Energy and Mining of the Republic of Montenegro, said on this occasion that these strategic partnerships contribute to enhancing energy security, providing new job opportunities, supporting development efforts, as well as modernizing our energy sector.
He added that by investing in renewable energy sources, Montenegro is moving towards gradually abandoning coal and moving to clean energy, which represents a sustainable solution for future generations, pointing out that their goal today is to build a stable system and adopt a responsible policy for a better tomorrow.
For his part, Mohammed Jameel Al Ramahi, CEO of Masdar, said that this type of partnership reflects the importance of concerted efforts to bring about a qualitative shift in the global energy sector, in parallel with enhancing energy security and economic flexibility.
He added that this agreement embodies Masdar’s ambitious plans to expand into strategic markets that have competitive advantages and broad prospects for long-term growth, with emphasis on seeking, through the partnership with the National Electricity Company, to employ our global expertise in the field of project development in addition to the great potential that Montenegro abounds to support the independence of the energy sector and promote economic development throughout the Balkan region.
For his part, Milutin Đukanović, Chairman of the Board of Directors of the National Electricity Company, said that this cooperation reflects the vision of the National Electricity Company in achieving development according to sustainable foundations, following a responsible management approach, and consolidating the independence of the national energy sector.
He added that the partnership with a prestigious international company is an important step to strengthen Montenegro’s strategic position within the modern energy system and diversify energy sources, explaining that in the context of preparing to implement the mechanism for adjusting carbon limits, there is an urgent need to accelerate investments in the energy sector.
He pointed out that, in addition to developing national projects, cooperation with prominent international partners constitutes an essential pillar for driving the growth of the sector and enhancing competitiveness at the national level.
For his part, Zdravko Dragash, CEO of the National Electricity Company in Montenegro, said that this agreement represents an important step that supports the development of the energy sector in Montenegro, and also reflects the confidence of a distinguished global partner in the capabilities and capabilities provided by Montenegro, because this partnership with Masdar, one of the world’s leading companies in the field of renewable energy, contributes to consolidating the pivotal role of the National Electricity Company in creating a qualitative shift in the sector, ensuring energy security, and laying the foundations for further investments in the field of solar energy. Wind energy and other clean technologies.
He explained that the common goal is to meet local energy needs and consolidate Montenegro’s position as a reliable source of green energy in the region and beyond, by taking advantage of the existing infrastructure and the country’s strategic location.
The agreement also follows the signing of the energy cooperation agreement between the UAE and Montenegro in early November 2025.
Within the framework of the strategic partnership between the UAE and Montenegro, Masdar’s cooperation with the National Electricity Company of Montenegro comes to strengthen its presence in the country, as it previously invested in 2018 in the Krnovo wind power plant with a capacity of 72 MW, which is still considered to this day the largest wind energy project in operation in Montenegro.
This partnership also contributes to supporting the company’s efforts to expand its investments in the Southeastern and Central European regions, through its platform in Greece, “Terna Energy”, which was acquired last year.
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