OSHEE, 81.5 million euro loan from the EBRD - The Bank updates the status, the 4 reforms that must be undertaken by the Distribution Operator
The European Bank for Reconstruction and Development has updated the status for the 81.5 million euro loan that the Electricity Distribution Operator intends to receive, "passing the final review", from "in the research phase" that was until now. Meanwhile, the approval is expected to take place on January 15, 2025, although October of this year was initially foreseen.
The state-guaranteed loan will be used to refinance and extend the terms of the existing state-guaranteed overdrafts, which OSHEE has connected with second-tier banks due to emergency liquidity needs and which require annual renewal. These loans were taken to finance electricity imports during the energy crisis in the country.
According to the EBRD, the project will enable the restructuring of OSHEE's balance sheet, giving the company better control over its financial situation, and, indirectly, the possibility of financing significant green capital expenditures.
Meanwhile, the EBRD's investment will be conditioned by an agreed reform program, which is expected to have a significant impact on the development, management and operational efficiency of OSHEE and, consequently, the electricity sector in Albania.
Reforms to be undertaken by OSHEE include amending the Albanian Electricity Distribution Code, improving long-term investment planning in the network to support the penetration of Renewable Energy Sources; the establishment of a Council for Training in the Energy Sector to identify the technical needs of the market and to facilitate dialogue between businesses, government and educational institutions; as well as supporting the creation of a Training Academy in OSHEE.
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