The latest cooperation follows a 50/50 joint venture deal signed three months earlier by the two parties. Under the joint venture framework, the partners plan to build a maximum of 2 GW of diversified clean energy assets in Montenegro, covering solar PV, wind power, conventional hydropower, pumped hydro, battery storage and hybrid power plants. The renewable portfolio will satisfy domestic power demand and allow Montenegro to export green electricity to the Western Balkans and Southern Europe.

The initial solar portfolio consists of two schemes: the 115 MW Štedim solar PV facility and the 35 MW Krupac solar PV plant, combining for the total 150 MW solar capacity.

Admir Šahmanović, Montenegro’s Minister of Energy and Mining, highlighted Montenegro’s long-tapped renewable advantages. “We have long acknowledged Montenegro’s outstanding renewable potential, and now we have laid solid groundwork to turn this potential into tangible projects,” he stated. The multi-hundred-million-euro investment portfolio will lift national energy security, generate local employment, deliver steady power supply for domestic industries, and help green energy emerge as a key export commodity for Montenegro.

Mohamed Jameel Al Ramahi, CEO of Masdar, noted the Balkans, Southeast Europe and Central Europe serve as vital growth regions supporting Masdar’s global goal of attaining 100 GW of operational renewable capacity by 2030.