Masdar and Albania Join Forces to Unleash Gigawatt-Scale Renewable Energy Projects
In a significant move towards a greener future, Abu Dhabi Future Energy Company (Masdar) and Albania’s Power Corporation (KESH) have signed a joint venture term sheet agreement to explore the development of gigawatt-scale renewable energy projects in Albania. This ambitious partnership, witnessed by the Prime Minister of Albania, HE Edi Rama, and key leaders from both countries, signifies a powerful commitment to clean energy development and regional energy security.
The agreement, signed on the sidelines of COP29 in Baku, Azerbaijan, outlines a plan to develop, construct, and operate renewable energy projects utilizing a diverse range of technologies including solar PV, wind, and hybrid solutions. The projects will incorporate potential battery storage, ensuring a reliable and resilient energy supply. The generated energy is expected to power both the Albanian market and be exported to neighboring countries, strengthening regional energy cooperation and contributing to a more sustainable future.
A Vision Shared: Green Energy for Albania and Beyond
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President, and Chairman of Masdar, emphasized the UAE’s unwavering commitment to pioneering clean energy solutions globally. He highlighted the strategic alliance between Albania and the UAE, stating that by leveraging Masdar’s expertise and Albania’s abundant renewable resources, the partnership will deliver clean energy to more people while minimizing environmental impact.
Her Excellency Belinda Balluku, Deputy Prime Minister and Minister of Infrastructure and Energy for Albania, praised the partnership as a crucial step towards a sustainable and secure energy sector for Albania. She underscored the partnership’s contribution to both Albania’s domestic energy goals and its position as a key player in the European energy market. By combining Albania’s renewable energy potential with Masdar’s global expertise, the partnership will not only enhance energy security and create economic opportunities but also contribute significantly to achieving global climate goals.
A Powerful Collaboration: Masdar’s Expertise Meets KESH’s Local Knowledge
The partnership leverages KESH’s position as Albania’s leading energy producer and Masdar’s extensive experience in renewable energy development. This collaboration is poised to accelerate Albania’s clean energy transition, capitalizing on Masdar’s relationships with technology providers and financial institutions, as well as its operational expertise. At the same time, the partnership benefits from KESH’s local market knowledge and existing infrastructure.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, highlighted the significance of this venture in Masdar’s expansion into the Balkans and Southeast Europe. He emphasized that by combining Masdar’s expertise in large-scale renewable projects with KESH’s deep understanding of the Albanian energy market, the partnership is strategically positioned to make a substantial contribution to Albania’s clean energy transition.
Erald Elezi, Chief Executive Officer of KESH, lauded the joint venture as a pivotal advancement in Albania’s renewable energy journey, reflecting KESH’s commitment to sustainable development and energy diversification. He emphasized that while Albania already benefits from a predominantly green energy mix, this partnership will enhance energy resilience, improve stability, and open avenues for clean energy exports to the region. By working with a global leader like Masdar, Albania will gain access to innovative renewable technologies, solidifying its role as a clean energy leader in the Balkans and strengthening its position within the broader European energy landscape.
A Catalyst for Regional Energy Security and Sustainability
The joint venture term sheet between Masdar and KESH serves as a crucial component of the broader strategic partnership between the UAE and Albania. It will play a pivotal role in increasing Albania’s renewable energy capacity, meeting local demand, and supporting its energy export capabilities to neighboring countries. This will significantly contribute to the region’s energy security and sustainability goals.
Masdar’s commitment to expanding its footprint in Southeast Europe is evident in its proposed acquisition of TERNA ENERGY, the largest developer and investor in renewable energy projects in Greece, with a target capacity of 6GW by 2029. Additionally, Masdar’s recent financial close on the 154MW Čibuk 2 project in Serbia, adding to its existing 158MW Čibuk 1 wind farm, further demonstrates its commitment to the Balkans region.
About Masdar
Masdar (Abu Dhabi Future Energy Company) is a global leader in renewable energy, committed to advancing the development and deployment of solar, wind, geothermal, battery storage, and green hydrogen technologies to accelerate the energy transition and help the world meet its net-zero ambitions. Founded in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 31.5 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future.
About KESH
Korporata Elektroenergjitike Shqiptare (KESH) is Albania’s leading energy producer and a cornerstone of the country’s power sector. KESH plays a critical role in Albania’s energy landscape, primarily through its extensive hydropower assets, which provide the majority of Albania’s electricity from renewable sources. Operating some of the largest hydropower plants in the Balkans, KESH is a key contributor to Albania’s green energy profile and energy security.
This strategic partnership between Masdar and KESH holds immense promise for both countries and the broader region, signifying a significant step forward in the global quest for a cleaner and more sustainable energy future.
