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Home Energy Live News Floating solar project in Albania granted €9.1m loan

Floating solar project in Albania granted €9.1m loan

A €9.1 million (£7.8m) loan has been granted to support the development of a floating solar farm with a total capacity of 12.9MW in Albania and the Western Balkans.

State-owned utility KESH will build the solar farm on the Vau i Dejës hydropower plant reservoir, using Albania’s solar resources while avoiding the use of scarce land.

The company owns and operates three large hydropower plants with a total capacity of 1,350MW that account for around 70% of Albania’s domestic generation.

The European Bank for Reconstruction and Development (EBRD), which is providing the loan, believes the new solar plant will contribute to making KESH more resilient to climate-induced risks and has the potential to be replicated in the broader Western Balkans region, which has many hydropower reservoirs.

Besjan Kadiu, CEO of KESH said: “The project is of special importance for KESH. It positions the company as a contributor to Albanian and global initiatives to invest in renewable generation using innovative photovoltaic technology that is compatible with hydropower generation.

“Although modest in size, the project holds opportunities not only for the further development of public generation assets on a strong commercial, technical and environmental basis but also showcases the know-how that is required to operate a hybrid hydro-photovoltaic system. This is another great example of the ongoing partnership between the EBRD and KESH.”

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