HomeRenewable energy ›EBRD Facilitates 29 Million Euro Loan to Develop Albania’s First Solar PV Plant

EBRD Facilitates 29 Million Euro Loan to Develop Albania’s First Solar PV Plant

This project will also importantly augment the share of Albania’s solar power generation, assisting further to minimise the effects of climate change.

April 25, 2023. By Nivedita Ojha

The European Bank for Reconstruction and Development (EBRD) is a multilateral developmental investment bank declares that France’s Voltalia-owned Albanian special-purpose vehicle is put forth proceed the 140 MW Karavasta solar plant in the Fier region of south-western Albania, ensuing a 29 million euro loan from the EBRD.

The EBRD will support the 99 million euro funding structure required for the project and will promote considerable and creative commercial debt participation.

The project will cost worth 135 million euro and is co-funded by Intesa Sanpaolo Bank Albania, the International Finance Corporation (IFC), Privredna Banka Zagreb, and Voltalia’s own resources.

This project marks a significant milestone for Albania as it is the country’s first major utility-scale solar photovoltaic plant developed following its first competitive auction for solar power.

EBRD Director, Head of Energy for Europe, Grzegorz Zielinski stated that the contribution implying to the diversification of local generation sources, which till now have been majorly hydro.

This project will also importantly augment the share of Albania’s solar power generation, assisting further to minimise the effects of climate change.

Furthermore, the EBRD is aiding forthcoming 300 MW solar PV auction in June, the region’s biggest solar auction till now and is also working with the authorities to serve Albania’s first offshore wind capacity.

The EBRD is the Western Balkans’ biggest fundraiser and facilitator of renewable energy, and it is presently working to initiate renewable auctions in Montenegro, Kosovo, and Serbia.
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