Masdar and Montenegro’s state-owned utility EPCG have signed agreements to develop 150 MW of new solar capacity and potentially develop over 400 MW of pumped hydro energy storage (Masdar press release, 28/07/2026). Concretely, the agreements cover the 115 MW Štedim and 35 MW Krupac solar PV projects, which are part of the broader partnership between the two companies.
In April 2026 the partners announced the creation of a 50/50 joint venture with the aim to develop a portfolio of 2 GW of utility-scale solar, wind, hydropower, pumped hydro, battery storage and hybrid energy projects in Montenegro.
The partnership aims to support growing domestic electricity demand, strengthen energy security and create opportunities for renewable electricity exports to the Western Balkans and Southern Europe. According to Masdar, Montenegro’s existing subsea electricity interconnector with Italy could facilitate access to wider European power markets.
Masdar targets a global portfolio capacity of 100 GW by 2030, with a diversified portfolio of more than 65 GW as of 2026.
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