During the European Union-Montenegro Investment Conference, power utility Elektroprivreda Crne Gore signed four memorandums of understanding: with the European Bank for Reconstruction and Development and companies Qair, Akuo Energy, and Mantel Capture.
The EU – Montenegro Investment Conference (AIM 2026), titled From Partnerships to Projects, was held on October 20–21 in Portonovi. It brought together representatives of European institutions, international financial organizations, investors, and leading companies.
The memorandum of understanding between state-owned power company Elektroprivreda Crne Gore (EPCG), state-owned coal mine Rudnik Uglja Pljevlja, and the European Bank for Reconstruction and Development (EBRD) establishes a framework for cooperation on the Pljevlja energy transition project, according to EPCG.
Battery installation planned within the mining complex
Planned activities include the development of a solar power plant with a battery energy storage system (BESS) on the site of the former mining complex, as well as solutions for district heating and thermal energy storage.
Photo: EPCG
The memorandum was signed by Nikola Madžgalj, Executive Manager of the Department for Legal Affairs at EPCG, Rudnik Uglja Pljevlja (RUP) CEO Nemanja Laković, and EBRD’s Managing Director for South‑Eastern Europe Grzegorz Zieliński.
The signing was attended by Minister of Energy and Mining Admir Šahmanović and Executive Manager of the Department for Development and Investments at EPCG Ivan Mrvaljević.
Laković: Two projects prepared in less than two years
Nemanja Laković stressed that Rudnik Uglja Pljevlja, through new investments, business diversification, and partnership with the Government of Montenegro and the EU, strives to secure a sustainable future for the company and the economy of the Pljevlja region.
“Regarding the energy transition, we have developed two projects in less than two years. We have the 62 MW Grevo solar power plant and a 2.2 MW small hydropower plant on the Ćehotina River,” Laković explained.
Additional development directions include new industrial and commercial activities, including the production of personal protective equipment, construction operations, an asphalt facility, and investment in the timber industry, considering that 60% of Montenegro’s forests are located in the municipality of Pljevlja.
Qair and EPCG to focus on solar power plants
Photo: EPCG
EPCG also signed a term sheet with the company Qair Montenegro, laying the foundations for joint development, financing, construction, and management of solar power plant and wind farm projects in Montenegro, with a focus on photovoltaic plants.
Louis Blanchard, CEO of Qair International, signed the document on behalf of the company.
Of note, the French company signed a grid connection agreement for its Rudine solar power plant in February 2025 and received a construction permit in July of this year.
Partnership with Akuo Energy for solar, wind, and BESS development
The term sheet between EPCG and France-based Akuo Energy envisages cooperation on the development of solar parks, wind farms, and BESS.
The goal of the cooperation is to increase renewable energy capacity and enhance the stability of the power system, EPCG said.
The document was signed by Akuo CEO Bruno Bensasson.
Of note, the company is expanding its activities in Southeastern Europe, with investments ahead in Montenegro, Greece, Kosovo*, North Macedonia, and Serbia. Akuo is developing a portfolio of 1.3 GW of green energy projects in the region, dominantly solar and wind.
Cooperation with Mantel Capture on CCS project
The memorandum of understanding with US-based Mantel Capture opens opportunities for cooperation in the field of carbon capture and storage (CCS) technologies.
The focus will be on the potential application of such solutions at the coal-fired power plant Pljevlja and the possibility of reducing emissions.
The MoU was signed by co-founder and CEO Cameron Halliday.
“Power generation is a growing focus for Mantel as utilities look for practical ways to reduce emissions while maintaining reliable energy supply,” Halliday said.
Šahmanović: Results of reforms are increasingly turning into concrete investments
According to Admir Šahmanović, Minister of Energy and Mining, Montenegro is entering a new phase of energy development, in which the results of implemented reforms are increasingly turning into concrete investments, new production capacities, and international partnerships.
“Our ambition is not only to produce more electricity, but for energy to become the basis for industrial development, new technologies, and better-paid jobs,” he said.
Total value of energy projects under implementation exceeds EUR 800 million
The minister noted that an investment cycle worth EUR 463 million has been launched since 2025, while the total value of energy projects under implementation exceeds EUR 800 million.
As a significant example, he highlighted the establishment of a joint venture between EPCG and UAE-based Masdar. The initial projects include the development of 150 MW of solar capacity, Šahmanović added.
Speaking on the panel Strengthening Energy Resilience: Investments in Renewable Energy Sources, he pointed out that the energy transition today cannot be viewed solely as a matter of replacing conventional sources with renewables, but as one of the largest economic and industrial transformations of the modern world.