Enhancing collaboration with Masdar, a prominent force in renewable energy, offers Montenegro a significant chance to expedite its energy transition and position itself as a leader in sustainable energy within the region.

This was the main takeaway from the discussion between Prime Minister Milojko Spajić and representatives from Masdar, the state-owned renewable energy firm of the United Arab Emirates and one of the fastest expanding clean energy companies globally. The Masdar delegation was headed by CEO Mohamed Jameel Al Ramahi, accompanied by senior executives Abdulla Zayed, Amine El Hamzaoui, Ali Alshimmari, and Omar Al Teneiji.

Prime Minister Spajić emphasized Montenegro’s abundant renewable energy potential and its ambitious decarbonization objectives, highlighting the country’s openness to investments in the renewable energy sector. He pointed out that the new regulatory framework in Montenegro facilitates a favorable investment climate and promotes the swift and efficient execution of projects.

In line with the Energy Community’s goals, Montenegro aims to secure a 50% share of renewable energy in total final consumption by 2030. We expect new investments, and our revised legislation will maximize resource utilization while lowering electricity production costs, stated Prime Minister Spajić.

He further noted that these developments will aid in diversifying Montenegro’s energy landscape and catalyze overall economic advancement.

Masdar’s CEO, Mohamed Jameel Al Ramahi, praised Montenegro’s favorable legislative environment and acknowledged the country’s capabilities in energy distribution through its undersea cable, especially with the anticipated expansion of this essential infrastructure.

Both sides concurred on the importance of strengthening collaboration by sharing information on potential projects in Montenegro, where Masdar has shown a keen interest in deeper involvement.

Masdar representatives reiterated the company’s leading role in promoting clean energy and their commitment to supporting the UAE’s ambition of becoming a global leader in renewable energy. With initiatives across more than 40 countries on six continents, Masdar continues to foster advancements in solar, wind, energy storage, waste-to-energy conversion, and geothermal energy.

In Montenegro, Masdar Energy B.V., a company established by Masdar in Abu Dhabi and based in the Netherlands, co-owns the Krnovo wind farm. This facility provides electricity to around 45,000 homes and reduces approximately 80,000 tons of carbon emissions each year, generating an estimated 200 gigawatt-hours of electricity annually.