Abu Dhabi-based developer Masdar has entered into joint development agreements with Montenegrin power utility Elektroprivreda Crne Gore (EPCG) covering two solar projects in Montenegro.
The agreements encompass the 115 MW Štedim solar project and 35 MW Krupac solar project. Masdar and EPCG also signed a framework agreement to explore the joint development of over 400 MW of pumped hydro energy storage projects.
The agreements form the first project commitments following the signing of a 50/50 joint venture between the two companies earlier this year. The partnership is targeting the development of 2 GW of renewable capacity in Montenegro across a number of technologies including solar, wind, hydropower, pumped hydro, battery storage and hybrid energy solutions.
The 2 GW portfolio is expected to serve Montenegro’s domestic energy needs while also enabling the export of renewable electricity to the Western Balkans and Southern Europe, including leveraging an existing sub-sea interconnection with Italy.
“We are launching investments worth hundreds of millions of euros that will strengthen our energy security, create new jobs and new development opportunities for our citizens, ensure a more stable energy supply for the economy, and create the conditions for green energy to become one of Montenegro’s most significant export products,” said Admir Šahmanović, Montenegro’s Minister of Energy and Mining.
Montenegro’s cumulative solar capacity reached 100 MW by the end of last year, according to figures from the International Renewable Energy Agency (IRENA), up from 64 MW at the end of the year prior.
In May, Montenegro’s grid operator signed a grid connection agreement for a 385 MW solar project targeted for completion in 2027.
Earlier this week, French renewables developer Qair announced it secured a building permit for a 50 MW solar project in Montenegro.
The Rudine solar plant will be built in the northwestern municipality of Nikšić. Qair says the project has already secured grid connection approval from CGES. The company adds that construction will begin in the coming years.
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