Masdar and EPCG in Montenegro to explore a joint venture for renewables
Montenegro’s state utility EPCG, and United Arab Emirates’ state-owned Masdar will explore establishing a joint venture to develop large-scale renewable energy projects in the Balkans.
The ministry stated that the potential partnership would focus on projects in solar power, wind, hydropower and battery storage, as well as hybrid systems. Its goal is to meet the domestic demand for green energy and export it to the Balkans, Southeast Europe and Italy via the existing undersea connection between Montenegro and Italy.
The initiative is based on an energy cooperation agreement between the UAE and Montenegro signed in November, as well as Masdar's investment into Montenegro’s Krnovo Wind Farm, which has a 72-megawatt capacity.
Energy Minister Admir Sahmanovic stated that the move will boost energy security and?create jobs, as well as speed up Montenegro’s transition from coal. Masdar CEO Mohamed Jameel Al Ramahi stated that the move would increase energy independence and economic resilience.
Masdar, a joint venture between Abu Dhabi's Mubadala and the national oil company ADNOC, along with government holding TAQA, announced on Tuesday that it had reached a global?capacity of 65 gigawatts of clean energy. It aims to reach a 100 GW renewable portfolio by 2030. (Reporting and editing by Bernadette baum; Reporting by Antonis?Pothitos)
(source: Reuters)
