Albanian state utility KESH awarded North Macedonia’s Colenco a €425,695 implementation-support contract on 29 July for the planned 50 MW Belsh solar project.
Colenco will assist with procurement, reporting and compliance with the environmental, social and financing requirements attached to the project. The appointment is modest in value but represents the transition from financing preparation towards physical implementation.
The EBRD is providing as much as €30 million of project debt and €268,700 of technical assistance. The European Union is adding an €8.05 million investment grant and €1.2 million of technical-assistance funding. The combined public financing and advisory package therefore approaches €39.5 million before any KESH equity contribution.
Belsh is strategically different from Albania’s traditional hydro portfolio. Solar production can preserve reservoir water during daylight hours, leaving KESH with more dispatchable hydroelectricity for evening demand or exports. That complementary operating profile becomes particularly valuable during droughts, when each unit of stored water carries a higher opportunity cost.
The project’s investor relevance lies less in its 50 MW scale than in its financing structure. EBRD procurement and environmental conditions should improve execution discipline, while the EU grant reduces the effective capital cost. Colenco’s cross-border appointment also demonstrates the development of a regional engineering and owner’s-consultant market rather than complete dependence on Western European advisers.
