Podgorica, (MINA-BUSINESS) –Elektroprivreda (EPCG) and Norway’s NTE Energy AS have signed a Memorandum of Understanding (MoU), reaffirming their joint commitment to strengthening cooperation in the field of renewable energy in Montenegro.

According to a press release from EPCG, the Memorandum outlines the exchange of information, coordination of activities, and consideration of concrete investment projects through their joint venture, Zeta Energy, established by EPCG and NTE. Zeta Energy currently operates the Glava Zete and Slap Zete small hydropower plants, which have been fully operational since 2021.

The Memorandum was signed by Executive Director of EPCG Ivan Bulatovic and Chief Executive Officer of NTE Energy AS Inge Forseth.

Bulatovic stated that the partnership would focus on harnessing the hydropower potential of the Cehotina, Ibar, and Moraca rivers, with the possibility of expanding cooperation to the development of other renewable energy sources.

Forseth said that NTE had extensive experience in the field of energy and decarbonisation, adding that the company saw Montenegro as an attractive market for sustainable enrgy development. 

“By signing this Memorandum, we are opening a new chapter in our cooperation. Montenegro has huge natural potential, and Zeta Energy offers a platform for implementing concrete projects that will benefit both the local community and our partners,” Forseth stated.

According to the press release, the Memorandum confirms EPCG’s dedication to taking proactive steps toward a green energy transition and strengthening Montenegro’s energy security.