UAE's renewables developer Masdar and Albania’s state-owned energy group Korporata Elektroenergjitike Shqiptare (KESH) have agreed to explore a partnership that could result in the deployment of gigawatt-scale renewable energy projects in Albania, including solar, wind and hybrid solutions, with potential integration of battery storage.
Masdar and KESH have signed a joint venture term sheet agreement at a ceremony held within the COP29 climate summit in Azerbaijan which was attended by representatives of the two companies and state officials from the UAE and Albania.
"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,” said KESH’s chief executive Erald Elezi.
The contemplated partnership will seek to pool Masdar's global operational expertise and relationships with technology providers and financial institutions and KESH's local market knowledge and existing infrastructure. If agreed, the output of the future power-generating facilities is expected to be supplied to the Albanian market and exported to neighbouring countries.
“The joint venture term sheet with KESH will mark a significant milestone in Masdar's expansion into the Balkans and Southeast Europe,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
Earlier this year, the UAE-based group proposed to acquire Terna Energy SA, a Greek renewables firm targeting an operational capacity of 6 GW by 2030. In September, in partnership with Taaleri Energia, it achieved financial closing for a 154-MW wind project set to expand the 158-MW Cibuk 1 wind farm in Serbia.
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