EBRD lending 9.1 mln euro to Albania's KESH for floating PV plant project

• The European Bank for Restoration as well as Development (EBRD) stated it will extend a 9.1 million euro ($10.7 million) funding to Albanian state-owned power energy Korporata Elektroenergjitike Shqiptare (KESH) for the construction of a floating photovoltaic or pv plant.

The funding, to be given on an industrial basis to a special-purpose car established by KESH for the function of the project, will certainly fund the building of the 12.9 MW floating solar farm, the very first floating PV plant of this size in Albania and also the Western Balkans, and add to the commercialisation of KESH, the EBRD stated in a statement on Thursday.

The plant will be situated externally of KESH's water tank of the Vau as well as Dejes hydropower plants, in the north part of the country.

The new energy center will add to making KESH more durable to climate-induced risks in regard to hydrology and seasonality, the EBRD stated.

KESH possesses and also runs three large hydropower plants with a total capability of 1,350 MW that generate practically 70% of Albania's electrical energy.

The bank noted that the project additionally lines up with Albania's broader ambition to develop its solar capability, which has actually caused two effective EBRD-backed auctions: the 140 MW Karavasta project and also the 100 MW Spitalle project.

"The project is amazing as a result of its ingenious innovation, positive ecological influence and industrial logic. It also has the prospective to be reproduced in the broader Western Balkans region, which has several hydropower storage tanks," Francesco Corbo, EBRD Regional Head of Energy for the Western Balkans, claimed.