Masdar, KESH sign JV agreement to explore energy in Albania

Abu Dhabi Future Energy Company (Masdar) and Korporata Elektroenergjitike Shqiptare (KESH) – Albania Power Corporation - have signed a joint venture term sheet agreement to explore the development of gigawatt-scale renewable projects in Albania.

The signing ceremony took place in Baku, Azerbaijan on the sidelines of COP29, witnessed by the Prime Minister of Albania, Edi Rama, Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Chairman of Masdar, and Her Excellency Belinda Balluku, Deputy Prime Minister and Minister of Infrastructure and Energy for Albania.

The agreement was signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Erald Elezi, Chief Executive Officer of KESH.

The joint venture term sheet 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 neighboring countries.

Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President and Chairman of Masdar, said: “This agreement is a testament to the UAE’s unwavering commitment to pioneering clean energy solutions on a global scale. 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 to more people than ever before.

Agreements like these will help realise the ambitious goals of the historic UAE Consensus, aimed at tripling renewable energy capacity by 2030, and driving low-carbon socio economic progress.”

Belinda Balluku, Deputy Prime Minister & Minister of infrastructure and Energy, commented: “The partnership between KESH and Masdar is a significant moment not only for Albania’s journey towards a sustainable and secure energy sector, but also embodies the spirit of the strategic partnership between Albania and the United Arab Emirates and underscores the importance of international cooperation in achieving a green, sustainable future. By combining Albania’s rich renewable energy potential with Masdar’s global expertise, we are not only advancing our domestic energy goals but also positioning Albania as a key player in the European energy market, while enhancing our energy security, creating new economic opportunities, and contributing to our efforts to meet global climate goals.”

The partnership aims to leverage KESH’s position as Albania’s leading energy producer and Masdar’s global expertise in renewable energy development to accelerate Albania’s clean energy transition. A landmark in the development of renewable energy capacity in Albania, the potential joint venture will benefit from Masdar’s relationships with technology providers and financial institutions.