Abu Dhabi Future Energy Company PJSC (Masdar) and Albanian Power Corporation, Korporata Elektroenergjitike Shqiptare (KESH) have signed a joint venture agreement to explore the development of gigawatt-scale renewable energy projects in Albania.
The agreement was signed in Baku, Azerbaijan on the sidelines of COP29, by Mohammed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Erald Elezi, Cheif Executive Officer of KESH.
The signing of the agreement was witnessed by HE Edi Rama, Prime Minister of Albania, and His Excellency Dr. Saltan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Chairman of Masdar, and her Excellency Belinder Balluku, Deputy Prime Minister and Minister of Infrastructure and Energy for Albania.
The joint venture agreement aims to develop, construct and operate renewable energy projects utilising a range of renewable technologies, including solar PV, wind and hybrid solutions, with potential integration of battery storage. The energy produced is expected to be supplied to the Albanian market and exported to neighbouring countries.
“This agreement is a testament to the UAE’s unwavering commitment to pioneering clean energy solutions on a global scale”, said Dr. Sultan Al Jaber, Chairman of Masdar. “By leveraging the UAE’s world-class expertise in renewable energy and Albania’s abundant natural resources, our purpose-built, future-ready infrastructure will deliver more energy with fewer emissions than ever before.”
The joint venture between Masdar and KESH is a crucial element of the broader strategic partnership between the UAE and Albania. The aim is to meet local demand for renewable energy, while also supporting its energy export capabilities to neighbouring countries, and contributing to the regions energy security and sustainability goals.
“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 Erald Elezi, CEO of KESH. “Although Albania already benefits from a predominantly green energy mix, this partnership will enhance our resilience, improve stability and open revenues for clean energy exports to the region.”