Strengthening cooperation with Masdar, a global leader in renewable energy, presents an exceptional opportunity for Montenegro to accelerate its energy transition and become a regional leader in sustainable energy, as discussed during a meeting between representatives of the company and Prime Minister Milojko Spajić.
Spajić emphasized that Montenegro, with its rich renewable energy resources and ambitious decarbonization goals, is open to investments in the renewable energy sector. He added that the new legal framework creates a favorable investment environment and enables faster and more efficient project implementation.
“The regulations define Montenegro’s obligation to achieve a 50% share of energy from renewable sources in total final consumption by 2030, in line with the Energy Community’s goals. We expect new investments, and the new laws will contribute to the maximum use of available resources and lower electricity production costs,” said Spajić.
According to him, this will also contribute to the diversification of overall resources and stimulate the Montenegrin economy.
Mohamed Jameel al Ramahi, the CEO of the UAE state-owned company Masdar, highlighted the significance of Montenegro’s encouraging legislative framework and the potential for distribution through an underwater cable, as well as plans to double that resource.
The government’s statement mentioned that the meeting participants agreed on the need to intensify cooperation by exchanging information on potential projects in Montenegro that Masdar is interested in.
Masdar representatives reminded that the company, a pioneer in advancing clean energy and a key driver behind the UAE’s vision as a global leader in renewable energy, has developed projects in over 40 countries across six continents.
They stressed the importance of innovations in solar energy, wind, energy storage, waste-to-energy, and geothermal energy for sustainable development.
The government also noted that Masdar Energy B.V., based in the Netherlands and founded by Masdar from Abu Dhabi, is one of the owners of the Krnovo wind farm. This wind farm supplies electricity to around 45,000 households and reduces carbon emissions by approximately 80,000 tons annually.
It is estimated to produce 200 gigawatt-hours of electricity per year.
