"source" and"EBCJ" They establish a partnership to enhance energy security in Montenegro, the Western Balkans and Southern Europe

2026/04/22 10:42:44 PM

3 minutes read

Tivat, Montenegro, April 22 / WAM / Abu Dhabi Future Energy Company “Masdar” and the National Electricity Company of Montenegro “EPCG” announced the signing of an agreement to establish a partnership with a 50% stake for each, aiming to develop large-scale renewable energy projects in Montenegro.

During a ceremony held within the “Adria Future Summit” and in the presence of His Excellency Admir Šahmanović, Minister of Energy and Mining of Montenegro; His Excellency Khamis Rashid Ahmed Labsili Al Shamili, UAE Ambassador to the Republic of Montenegro; and Mohammed Jameel Al Ramahi, CEO of Masdar. The agreement was signed by Milutin Đukanović, Chairman of the Board of Directors of ABCG, Zdravko Dragaš, CEO of ABCG, and Ahmed Al Awadhi, Advisor in the Office of the Chief Operating Officer at Masdar.

Masdar and ABCG will work through this company, which will be based in Nikšić, to develop and operate clean energy projects in Montenegro by relying on multiple technologies, including solar photovoltaic energy, wind energy, hydroelectric energy, pumped hydro energy storage, and independent energy storage battery systems, in addition to hybrid solutions.

This partnership aims to meet Montenegro’s local energy needs, enable it to export clean electricity to the Western Balkans and Southern Europe, and benefit from the existing maritime electrical connection with Italy.

The company will benefit from ABCG’s position as the largest energy producer in Montenegro, and Masdar’s global experience in the field of renewable energy, to contribute to enhancing energy security and accelerating the pace of a qualitative shift in the energy sector in Montenegro and the entire European energy market.

His Excellency Admir Šahmanovic, Minister of Energy and Mining of Montenegro, said: “This cooperation represents a turning point for the future of the energy sector in Montenegro. This partnership will benefit from the global expertise and local capabilities of Masdar and ABCG, and is based on a common vision that aims to accelerate the pace of adoption of clean energy sources. Thus, Montenegro confirms its openness to attracting investments, its willingness to implement large-scale projects, and its endeavor to become a regional center for renewable energy. We have passed the stage Planning, and we have practically begun the implementation and development phase.”

Mohammed Jameel Al Ramahi, CEO of Masdar, said: “Europe represents a strategic market that supports Masdar’s growth and its endeavors to achieve the goal of 100 GW by 2030. We are pleased to visit Montenegro again to sign this partnership, which comes within the framework of the agreement that was signed during Abu Dhabi Sustainability Week 2026 in the presence of His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar’s Board of Directors, and His Excellency Milojko Spaic, Prime Minister of Montenegro; and His Excellency Admir Šahmanović, Minister of Energy and Mining of Montenegro.”

He added: “Through this partnership, we will work to enhance the growth of our project portfolio and achieve our ambitions to accelerate the pace of development of the clean energy sector in Montenegro and the Balkan region, in addition to contributing to the consolidation of partnership relations between the UAE and Montenegro. We are pleased to cooperate with the government of Montenegro and ABCG to support a qualitative shift in the country’s energy sector, enhance energy security and drive economic growth at the region level.”

For his part, Milutin Đukanović, Chairman of the Board of Directors of ABCG, said: “This partnership with Masdar reflects ABCG’s strategic commitment to developing sustainable energy solutions and modernizing our portfolio of energy projects. Through this partnership, we will work to enhance clean energy production capabilities and raise efficiency in developing and operating projects. These projects will also form a pillar for building a sustainable and stable energy sector in Montenegro.”

Zdravko Dragaš, CEO of EPCG, said: “This cooperation represents an important step that supports the implementation of our plans to develop projects in the field of renewable energy and diversify energy sources. By benefiting from the integration of knowledge, experience and resources with a leading global partner, we will work to build a solid foundation for developing technologically advanced projects. There is no doubt that this partnership will contribute to accelerating the development of the energy system, and opening new horizons to advance the wheel of development in EPCG and the economic sector in general.”

Masdar and ABCG announced in January during Abu Dhabi Sustainability Week 2026 their cooperation to explore opportunities to establish a partnership in the field of renewable energy, following the signing of an energy cooperation agreement between the UAE and Montenegro in November 2025.

This partnership will strengthen Masdar’s presence in Montenegro, where in 2018 it invested in the 72 MW Krnovo offshore wind farm, the country’s largest wind energy project in operation. The move also comes within the framework of expanding Masdar’s investments in southern and central Europe through its Terna Energy platform, which it acquired last year.