EBRD Lends 3.0 Mln Euro to Albania’s Energy Partners for Two Hydropower Plants
TIRANA (Albania), November 24 (SeeNews) – The European Bank for Reconstruction and Development (EBRD) said it has lent 3.0 million euro ($4.0 million) to Albania’s Energy Partners to build two small hydropower plants in the north-eastern part of the country.
With a combined generation capacity of 5.1 megawatts, the hydropower plants - Cerruje 1 and Cerruje 2 - will generate up to 14.7 gigawatt hours of electricity per year, and help offset over 9,500 tonnes of CO2 annually, EBRD said in a statement on Wednesday.
Energy Partners will build the two utilities on the Benji river, 140 kilometres northeast of Albania’s capital Tirana.
The EBRD loan is extended under the bank’s Western Balkans Sustainable Energy Direct Financing Facility.
The two plants are part of Energy Partners’ plan to develop five small hydropower units on the Benji river, for which the company has been awarded a 35-year concession. The remaining three small hydropower plants will be built at a later stage.
Albania has a vast hydropower generation potential that remains untapped, and the country relies on electricity imports to manage the growing demand. Restoring the power generation capacity through the rehabilitation of hydropower sector and improving the energy efficiency of the distribution system is one of the country’s priorities, EBRD said.
EBRD has invested over 665 million euro in various sectors of the Albanian economy so far, mobilising additional investments of more than 1.3 billion euro.