By: AGBI

Abu Dhabi Future Energy Company (Masdar) and Elektroprivreda Crne Gore (EPCG), Montenegro’s national power utility, have agreed to develop the country’s first 150MW solar projects.

The equally owned joint venture will also explore building more than 400MW of pumped hydro energy storage.

The companies signed an agreement in April setting total renewable generation capacity at 2GW.

The move supports Montenegro’s domestic energy needs and will enable electricity exports to the Western Balkans and southern Europe, including via an existing subsea interconnection with Italy.

The Štedim solar plant will have a capacity of 115MW, while the Krupac project will generate 35MW, Masdar said in a statement.

Masdar CEO Mohamed Jameel Al Ramahi said the Balkans, southeast Europe and central Europe are important growth markets as the company works towards its target of 100GW of global renewable energy capacity by 2030.

Montenegro energy minister Admir Šahmanović said the country is investing hundreds of millions of euros to strengthen its energy security, create jobs and ensure a more stable energy supply for the economy.

Masdar has been active in Montenegro since 2018 through its investment in the 72MW Krnovo wind farm, the country’s largest operating wind project.

Masdar is owned by Abu Dhabi’s state-run Taqa (43 percent), Mubadala (33 percent), and Adnoc (24 percent).