The European Commission (EC) has announced €1 billion energy support package for the Western Balkans comprising €500 million in short and medium support for 12 investment projects, including floating solar and ground mounted PV projects in Albania, Kosovo and North Macedonia, to help the region deal with the current energy crisis and make it future ready with renewable energy.
This €500 million financial support will enable Western Balkans accelerate its energy transition and energy security measures. All projects covered—including wind and energy infrastructure—are expected to mobilize up to €2.5 billion in total investments in cooperation with international financial institutions.
"Renewable energy is cheaper; it is affordable; it is cleaner; it is better for our planet; and it is home-grown. It provides good jobs here at home, so it gives independence and security of supply," stated EC President Ursula von der Leyen. "The investment of these EUR 500 million will of course go in renewables, in interconnections, so infrastructure, but also energy efficiency."
Following are the solar power projects to be supported with the funding:
Remaining €500 million will help bring down energy prices for businesses and vulnerable households, Leyen stated while announcing the support package during the EU-Western Balkans Summit in Albania's Tirana city recently.
Together this €1 billion EU grant will help the region deal with energy crisis and promote clean energy transition, she added.
An October 2022 report of Agora Energiewende expects Western Balkans to transition to a clean energy system at 15% less cost with renewables, including potential to increase its solar PV capacity to 37.5 GW by 2045, as compared to replacing its aging lignite power plants with new coal or fossil gas (see Scope For 37.5 GW Solar By 2045 In Western Balkans).