EBRD supports KESH's first floating solar photovoltaic plant in Albania
Post date: 08/04/2021 - 09:04
The European Bank for Reconstruction and Development (EBRD) will provide a €9.1 million ($10.8 million) loan for financing a 12.9 MW floating solar photovoltaic farm in Albania. It will be built on the Vau i Dejës hydropower plant reservoir, which is managed by state-owned utility Korporata Elektroenergjitike Shqiptare (KESH).
The EBRD loan will be provided to a special-purpose vehicle owned by KESH and established for the purpose of the construction of the project. KESH owns and operates three large hydropower plants with a total capacity of 1,350 MW that account for about 70 percent of Albania’s domestic generation. The new solar PV plant will contribute to making KESH more resilient to climate-induced risks in relation to hydrology and seasonality. The EBRD also mobilized €315,830 for the project preparation support, including from the green economy project preparation and implementation framework financed by the Austrian government (the DRIVE Fund) and from the Taiwan Business-EBRD Technical Cooperation Fund.
The project also aligns with Albania's broader ambition to develop its solar capacity, which has resulted in two successful auctions supported by the EBRD, the 140 MW »Karavasta« project and the 100 MW »Spitalle« project. The EBRD is a leading institutional investor in Albania. To date, the Bank has invested more than €1.5 billion in loans in 110 projects in the country.