EBRD Backs 12.9 MW Floating Solar Project In Albania

EBRD Makes Maiden Investment In Floating Solar PV Technology; To Lend €9.1 Million For 12.9 MW Floating Solar Project of Albania’s KESH

EBRD Backs 12.9 MW Floating Solar Project In Albania

After supporting 2 solar power auctions for solar in the country, EBRD has now extended its financial support to a floating solar project being developed by state-owned KESH in Albania. (Photo Credit: EBRD)

  • EBRD will support 12.9 MW floating solar power facility of KESH in Albania
  • It is expected to make hydropower generator KESH more resilient to climate-induced risks
  • KESH will bring up the facility on Vau i Dejës hydropower plant reservoir
  • The project’s success will ensure the model can be replicated across the Western Balkan region

The European Bank for Reconstruction and Development (EBRD) has lent €9.1 million ($10.7 million) for the construction of a 12.9 MW floating solar PV project in Albania, and called it the 1st floating solar plant of this size in Albania and the Western Balkans. It is also the first floating solar project that the bank has financed.

Project is to be constructed by state-owned hydropower generator Korporata Elektroenergjitike Shqiptare (KESH) with 1.35 GW hydropower capacity, through a special purpose vehicle (SPV) that will be the recipient of EBRD loan. It will be developed on the Vau i Dejës hydropower plant reservoir. “The new solar PV plant will contribute to making KESH more resilient to climate-induced risks in relation to hydrology and seasonality,” stated the EBRD.

In January 2021, KESH had sought federal Ministry of Infrastructure and Energy’s approval for a 5.1 MW solar power plant at the same location (see Albanian Hydropower Company Wants Solar Power).

“The project is remarkable because of its innovative technology, positive environmental impact and commercial logic. It also has the potential to be replicated in the broader Western Balkans region, which has many hydropower reservoirs,” said EBRD Regional Head of Energy for West Balkans, Francesco Corbo.

Along with the loan that’s structured as a project finance loan, the bank has also mobilized €315,830 ($372,022) for project preparation support.

EBRD has also extended its support for 2 solar power auctions conducted in Albania, with 140 MW and 100 MW capacity, both won by Voltalia of France (see Voltalia Wins 100 MW Albanian Solar Auction).

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power.

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