In order to investigate the development of gigawatt-scale renewable projects in Albania, Korporata Elektroenergjitike Shqiptare (KESH) – Albania Power Corporation – and Abu Dhabi Future Energy Company (Masdar) have signed a joint venture term sheet agreement.
Albanian Prime Minister Edi Rama, UAE Minister of Industry and Advanced Technology Dr. Sultan Al Jaber, COP28 President and Masdar Chairman, and Her Excellency Belinda Balluku, Albania’s Deputy Prime Minister and Minister of Infrastructure and Energy, were present at the signing ceremony, which was held in Baku, Azerbaijan, on the sidelines of COP29. The chief executives of KESH and Masdar, Erald Elezi and Mohamed Jameel Al Ramahi, respectively, inked the deal.
According to the joint venture term sheet agreement, a variety of renewable technologies, including solar PV, wind, and hybrid solutions, with the possibility of integrating battery storage, will be used in the development, construction, and operation of renewable energy projects. It is anticipated that the generated electricity will be exported to nearby nations and provided to the Albanian market.
This agreement, according to Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, COP28 President, and Masdar Chairman, demonstrates the UAE’s steadfast dedication to leading the way in sustainable energy solutions globally. Our purpose-built, future-ready infrastructure will provide more energy with fewer emissions to more people than ever before by utilizing Albania’s enormous natural resources and the UAE’s world-class experience in renewable energy.
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