Voltalia Energises 140-MW Solar Park in Albania

• Voltalia reaches milestone with 140-MW Karavasta solar park, helping to offset over 29,160 tonnes of carbon dioxide emissions every year and providing enough electricity for 220,000 Albanian residents.

The company said it financed the project with a debt package worth EUR 108 million, provided by the European Bank for Reconstruction and Development (EBRD). The package also includes a EUR 15 million long-term loan from the European Investment Bank (EIB).

Voltalia has energized its 140-MW Karavasta solar park in Albania. Located in the Fier area of southwestern Albania, the Karavasta plant was built across over about 200 hectares of land and will generate enough power to cover the annual consumption of around 220,000 residents. The project was financed with a EUR 108 million debt package from the European Bank for Reconstruction and Development, as well as a EUR 15 million loan from the European Investment Bank. Construction began in July 2019 and finished in October. Karavasta was awarded a 15-year contract through Albania’s first EBRD-backed solar power auction. The plant will offset more than 29,160 tonnes of carbon dioxide (CO2) emissions annually.

How Did Voltalia Finance Karavasta Solar Park?

How Did Voltalia Finance Karavasta Solar Park?

• The project was financed with a EUR 108 million debt package from the European Bank for Reconstruction and Development.
• It also included a EUR 15 million loan from the European Investment Bank.
• Karavasta was awarded a 15-year contract through Albania’s first EBRD-backed solar power auction.
• Voltalia secured the debt package through its own balance sheet.
• The company also identified several tax incentives and subsidies available for solar projects in Albania.
• Voltalia also entered into a partnership with local financial institutions to finance part of the project.
• The project was also supported by the European Union’s Neighbourhood Investment Facility (NIF).