Masdar and Albania Power Corporation (KESH) signed a joint venture term sheet agreement to develop large-scale renewable projects in Albania.
The agreement was signed at COP29 in Baku, Azerbaijan, with notable attendees, including Albania’s Prime Minister Edi Rama and UAE officials Sultan Al Jaber and H.E. Belinda Balluku, Deputy Prime Minister of Albania.
The joint venture aims to develop, construct, and operate renewable projects using solar, wind, and hybrid technologies with potential battery storage, providing energy for Albania and neighboring regions.
Sultan Al Jaber highlighted the UAE’s dedication to global clean energy initiatives and achieving UAE Consensus goals to triple renewable energy capacity by 2030.
Deputy Prime Minister Balluku emphasized the collaboration as a crucial step toward a green future for Albania and strengthening its role in the European energy market.
This partnership leverages KESH’s expertise and Masdar’s technology to accelerate Albania’s renewable energy transition and energy security.
This joint venture marks a significant step for Masdar in the Balkans and Europe, aligning with its goal to reach 100GW renewable capacity by 2030.
KESH CEO Erald Elezi noted the venture would bolster Albania’s energy stability, expand clean energy exports, and establish Albania as a clean energy leader in the Balkans.
Masdar has increased its renewable energy investments in Southeast Europe, including projects in Greece and Serbia, reinforcing its commitment to the region’s sustainable energy goals.