GGF lends EUR 28m for zero-subsidy solar project in Albania

• The Green for Growth Fund (GGF) will certainly offer a EUR-28-million (USD 30m) car loan to support the construction of a solar plant in Albania standing for the biggest zero-subsidy project of its kind in the Western Balkan Region.

GGF, developed in December 2009 as a public-private collaboration by Germany's KfW Development Bank and the European Investment Bank (EIB), said on Friday that its loan hides to 75% of the expenses associated with the 50-MW Blue 1 solar project in Topoje, Fier County.

The project is being established by an unique purpose vehicle co-founded by Blessed Investment and Matrix Konstruksion in 2021. Its execution will certainly make a significant payment to Albania's efforts to lower co2 (CO2) discharges by 11.5% by 2030 from 2016 levels.

It is estimated that Blue 1 will certainly create over 108,000 MWh of clean energy annually and get rid of some 1,900 tonnes of CO2 exhausts each year.