Montenegro’s EPCG, NTE Energy sign memorandum of understanding

Power utility Elektroprivreda Crne Gore and Norwegian company NTE Energi AS have signed a memorandum of understanding confirming their mutual commitment to intensifying cooperation in the renewable energy sector in Montenegro.

The memorandum of understanding envisages the exchange of information, coordination of activities, and consideration of specific projects through joint venture Zeta Energy, established by state-owned Elektroprivreda Crne Gore (EPCG) and NTE Energi.

Zeta Energy operates small hydropower plants Glava Zete and Slap Zete, operational since 2021.

Bulatović: The MoU is an important step in EPCG’s ongoing transformation

The memorandum was signed by EPCG’s CEO Ivan Bulatović and NTE Energi’s CEO Inge Forseth.

According to Bulatović, the focus of the cooperation between the two companies will be the development of the hydropower potential of the rivers Ćehotina, Ibar, and Morača, with the possibility of expanding it to other renewable energy sources.

In the search for stable partnerships and the development of domestic renewable capacities, the memorandum represents a significant step forward in EPCG’s transformation, Bulatović asserted.

In his words, collaboration with a renowned company like NTE Energi aligns with EPCG’s goals.

Forseth: Zeta Energy provides a platform for implementing concrete projects

Inge Forseth, NTE Energi CEO, underlined that his company has an extensive track record in energy and decarbonization. He described Montenegro as an attractive market for sustainable energy development.

By signing the MoU, the two firms are opening a new chapter in their cooperation, he stressed.

Montenegro has enormous natural potential, and Zeta Energy serves as a platform to implement concrete projects for the benefit of the local community and partners, according to Forseth.

EPCG has four HPPs in the pipeline

EPCG recently said it planned to include an international partner in the development of the Komarnica hydropower project. The company cited the experiences of Norway, Austria, and France.

The company has four hydropower projects in the pipeline: Komarnica, Kruševo, Ćehotina, and Sutorina. The first two are the most advanced. Kruševo and Ćehotina could be implemented with EDF.