Montenegro's state utility EPCG and United Arab Emirates' state-owned ‍Masdar will ‍explore setting up a joint venture to ​develop large-scale renewable energy projects in the Balkan country, ⁠Montenegro's energy ministry said on Wednesday.

The potential partnership would ⁠target projects ‌in solar, wind, hydropower, battery storage and hybrid systems, aiming to meet domestic demand ⁠and enable green power exports to the Balkans and Southeast Europe via Montenegro's existing undersea link to Italy, the ministry said.

The initiative ⁠builds on a ​UAE-Montenegro energy cooperation agreement signed in November and Masdar's earlier investment ‍in Montenegro's Krnovo wind farm, the country’s largest, with ​a capacity of 72 megawatts.

Energy Minister Admir Sahmanovic said the move would boost energy security, create jobs and speed Montenegro's transition away from coal. Masdar's CEO Mohamed Jameel Al Ramahi said it would strengthen energy independence and economic resilience.

Masdar, owned by Abu Dhabi's Mubadala, national oil company ADNOC and government ⁠holding company TAQA, said ‌on Tuesday it reached a global capacity of 65 gigawatts (GW) of clean energy, as it targets ‌a ⁠renewable portfolio of 100 GW by 2030.

(Reporting by ⁠Antonis Pothitos; Editing by Bernadette Baum)