Montenegro’s state utility EPCG has signed cooperation documents with the European Bank for Reconstruction and Development (EBRD), Qair, Akuo Energy and Mantel Capture, expanding a pipeline that spans solar, wind, battery energy storage systems (BESS) and transition projects. Most announced projects remain at the pre-construction stage.
The EPCG documents cover solar and wind, BESS, district heating and thermal storage, alongside a potential carbon-capture application at the Pljevlja coal plant. The framework links the mine-site transition with replacement generation and heat infrastructure. Separate term sheets with Qair and Akuo broaden the potential development pipeline, and the Akuo cooperation also includes battery storage.
Private developers are advancing projects alongside EPCG’s initiatives. Nu Energy’s Velestovo solar project in Montenegro has a capacity of 60 MWp and a grid-connection agreement with CGES. Valued at about €50 million, including a BESS component, it still requires an environmental-impact assessment.
Nu Energy’s 65.6 MWp project at Bogetići is under construction and is expected to be commissioned in 2028. Renexia and Sistem-MNE have signed a memorandum covering a much larger wind-and-solar portfolio, but the memorandum is neither a construction contract nor a financing commitment.
Grid access, permitting, financing and export capability will determine which announced projects become assets. Montenegro’s existing subsea electricity connection to Italy gives the country a structural advantage, although the cable’s nominal capacity is below the scale of some announced portfolios. A second subsea cable is not expected before the end of the decade.
Project selection will increasingly depend on transmission and bankability, as well as renewable resources. Screening means distinguishing memoranda of understanding and term sheets from projects with land, permits, grid rights, financing and a credible offtake or merchant strategy.
