Masdar and KESH, Albania’s national power corporation, have signed a term sheet for a joint venture (JV) to explore the development of large-scale renewable energy projects in the country.
The agreement was signed in Baku, Azerbaijan, on the sidelines of this year’s Conference of the Parties 29 (COP29).
The partnership will explore, construct, and operate renewable energy projects across Albania.
These projects will harness a variety of renewable technologies such as solar photovoltaic (PV), wind, and hybrid systems, potentially incorporating battery storage.
Clean energy generated from these projects will not only meet Albania’s domestic energy needs but also be exported to neighbouring countries.
KESH CEO Erald Elezi said: “This joint venture with Masdar is a pivotal advancement in Albania’s renewable energy journey, underscoring KESH’s commitment to sustainable development and energy diversification.
“Although Albania already benefits from a predominantly green energy mix, this partnership will enhance our energy resilience, improve stability, and open avenues for clean energy exports to the region.
“By working with a global leader like Masdar, we are poised to bring innovative renewable technologies to Albania, supporting our role as a clean energy leader in the Balkans and strengthening the country’s position within the broader European energy landscape.”
The collaboration is part of a wider strategic alliance between the United Arab Emirates and Albania and is poised to play a key role in meeting Albania’s energy demand.
Masdar CEO Mohamed Jameel Al Ramahi said: “The joint venture term sheet with KESH will mark a significant milestone in Masdar’s expansion into the Balkans and Southeast Europe.
“By combining our expertise in large-scale renewable projects with KESH’s deep understanding of the Albanian energy market, we are poised to make a substantial contribution to Albania’s clean energy transition.
“As Masdar targets 100GW by 2030, this joint venture with our partner KESH exemplifies the scale and ambition needed to advance the global energy transition and we look forward to further collaborations in Albania and the Eastern Balkans.”
Masdar is expanding its footprint in Southeast Europe, evidenced by its proposed acquisition of TERNA ENERGY in Greece, which targets a capacity of 6GW by 2029.
Moreover, Masdar has bolstered its investments in the Balkans with the financial closure of the 154MW Cibuk 2 project in Serbia. This adds to the existing 158MW Cibuk 1 wind farm, culminating in a total capacity of over 300MW in Serbia.
(power-technology.com, November 14, 2024)
