Montenegro is poised for investments in its renewable energy sector, as Prime Minister Milojko Spajić highlighted during discussions with representatives from Masdar, the state-owned company of the United Arab Emirates.

According to a statement from Spajić’s office, enhancing collaboration with Masdar—recognized globally for its prowess in renewable energy—presents an extraordinary opportunity for Montenegro to expedite its energy transition and establish itself as a regional leader in sustainable energy.

The delegation included CEO Mohamed Jamel al Ramahi along with management team members Abdulla Zayed, Amin El Hamzaoui, Ali Alshimari, and Omar Al Teneliji.

Spajić emphasized that the newly established legal framework provides a supportive environment for investments and facilitates the quicker and more effective execution of projects.

“These regulations outline Montenegro’s commitment to achieving a 50% share of renewable energy in total final consumption by 2030, aligning with the goals set by the Energy Community. We anticipate new investments, and the revised laws will enhance the utilization of available resources while lowering electricity production costs,” he stated.

He further noted that this initiative will aid in diversifying overall resources and invigorating the Montenegrin economy.

According to Spajić’s office, the Masdar executive director acknowledged Montenegro’s positive legislative framework and the potential for resource distribution through a submarine cable, along with plans to increase that resource.

“In this context, the parties concurred on the necessity to enhance cooperation by sharing insights on prospective projects in Montenegro, where Masdar has shown significant interest. Masdar pointed out that it has championed the advancement of clean energy and is a vital component of the UAE’s vision to be a global renewable energy leader, having implemented projects in over 40 countries across six continents. They highlighted the importance of innovations in solar energy, wind power, energy storage, waste-to-energy, and geothermal energy for sustainable development,” the statement added.

“In Montenegro, Masdar Energy BV from the Netherlands, a subsidiary of the Abu Dhabi-based Masdar company, co-owns the Krnovo wind farm. This facility generates electricity for approximately 45,000 households and reduces carbon emissions by about 80,000 tons annually, with an estimated annual output of 200 gigawatts,” it continued.

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