GGF will provide 28 million euros loan for solar project in Albania

The Green for Growth Fund (GGF) said that it will provide a 28 million euros loan to support the construction of a solar power plant in Albania, the largest zero-subsidy project of its kind in the Western Balkan region.

The statement from the fund said that the loan will cover up to 75 % of the costs associated with the project for the construction of 50 MW Blue 1 solar power plant in Topoje, in Fier county.

The project is developed by a special purpose vehicle co-founded by Blessed Investment and Matrix Konstruksion in 2021.

The realization of this project will make a significant contribution to Albania’s efforts to lower carbon dioxide emissions by 11.5 % by 2030 from 2016 levels.

It is estimated that the new solar power plant will generate over 108,000 MWh of electricity per year and reduce CO2 emissions by some 1,900 tons per year.

GGF, established in December 2009, is a public- private partnership by German Development Bank (KfW) and the European Investment Bank (EIB).