50 MWp solar plant in Belsh by KESH - Government approves guarantee agreement for 30 million euro loan from EBRD
The Council of Ministers has approved in principle the guarantee agreement with the European Bank for Reconstruction and Development (EBRD), which paves the way for the financing of one of the projects of the Albanian Power Corporation for the diversification of energy production sources. This concerns the construction of a 50 MWp solar power plant in the Belsh area, for which the EBRD will provide the loan, while the Albanian state will act as guarantor.
The project has a total cost of 40 million euros, while 30 million euros will be financed through the EBRD loan, as in April this year the bank announced that the Board approved the sovereign guarantee loan. Meanwhile, the project is also expected to be financed through a grant of 8 million euros from the Western Balkans Investment Framework (“WBIF”) and the remaining 2 million euros, through a capital injection from KESH.
Referring to the project, the 50 MWp photovoltaic plant and the associated substation will be built on the territory of the Municipality of Belsh in an area of about 60 ha, while a new line of about 9 km, 110 kV will connect it to the network at the existing substation in Kajan, which will be expanded as part of the project.
According to the EBRD, the energy produced by the plant will be used to increase KESH's generation capacity and fulfill the Public Service Obligation, as currently around 30% of annual electricity consumption is imported. The plant's generation at BELSH is expected to account for around 1% of the country's annual electricity production.
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