Šahmanović: Second submarine cable line with Italy to be installed by 2031
The second line of the submarine cable connecting Montenegro and Italy is expected to be completed by 2031, Montenegro’s Minister of Energy and Mining Admir Šahmanović said at the European Union – Montenegro Investment Conference.
The two-day conference, titled Smart Growth, Green Future: Accelerating Investment in Montenegro, was opened yesterday in Luštica, near Tivat, by European Commission President Ursula von der Leyen and Prime Minister of Montenegro Milojko Spajić.
Fourteen cooperation projects between Montenegrin and European companies have been initiated at the conference, including investments in wind farms, solar parks, energy storage, and grids. It shows the great significance of the energy sector for investments.
A panel called Renewables: Scaling Montenegro’s Energy Transition examined the possibilities for accelerating the country’s energy transition and enhancing the sector’s attractiveness for investment in renewables.
Šahmanović: Montenegro strives to position green energy as an export product
Prominent international experts and investors took part in the discussion. Representing the Government of Montenegro, Minister of Energy and Mining Admir Šahmanović outlined the country’s renewable energy priorities and highlighted Montenegro’s role as a regional leader in clean energy.
Montenegro has fully harmonized its legislation with EU standards, creating a stable and predictable investment environment, in his words. Šahmanović highlighted the launch of the first solar power auction as a significant step forward in the development of renewables.
“The government invests in battery energy storage systems (BESS), ensuring the flexibility and stability of the grid. Montenegro strives to position green energy as a recognizable export product, thereby strengthening the country’s economic sustainability,” Šahmanović stated.
He revealed that Montenegro is about to sign a memorandum of understanding with Italy that would additionally position Montenegro as an energy bridge between the Western Balkans and the EU.
Montenegro is looking for strategic partners and investors ready to jointly implement capital projects in the energy sector
The government is wrapping up the work concerning the oil and gas sector to close chapter 15 in its accession negotiations with the EU, further strengthening investor trust, Šahmanović said.
“The implementation of the project for the construction of the second phase of the subsea cable link with Italy is expected by 2031, which will further strengthen Montenegro’s role in regional and European energy connectivity. Montenegro is looking for strategic partners and investors ready to jointly materialize capital projects in energy and contribute to regional energy stability,” the minister underlined. The investment is estimated at EUR 500 million, he asserted.
In a message to investors, Šahmanović said Montenegro is open for investments and added: “Now is the time for you to invest. We will be your service 24 hours a day, seven days a week.”
Participants at the panel included Daniel Calderon, Alcazar Energy Co-Founder and Managing Partner, Yann Guinard, EDF Director of Development for Europe, Louis Blanchard, Qair Energy President, and Nemanja Mikać, ElevenEs CEO.
Memorandum with EDF
Within the conference, the Ministry of Energy and Mining of Montenegro and EDF International Networks signed a memorandum of understanding. It establishes a framework for future cooperation on modernizing the distribution network, digitizing smart grids, and integrating renewable energy sources, according to the ministry.
The memorandum foresees the implementation of pilot projects and feasibility studies that will contribute to the acceleration of the energy transition of Montenegro.
Admir Šahmanović said the deal is an important step towards strengthening green and innovative energy projects. Cooperation with EDF confirms the position of Montenegro as a country with a clear vision and open opportunities for investors, he underscored.
“EDF International Networks, as part of the global EDF Group, brings international expertise in the sector of power distribution, grid upgrade and digital transformation, which opens up space for new strategic partnerships and capital infrastructure projects,” the minister pointed out.
The memorandum confirmed the joint commitment to sustainability, integrity and energy security, with a clear focus on the well-being of citizens and the economy of Montenegro, the ministry said.
