TIRANA (Albania), May 28 (SeeNews) – The World Bank said it has approved an additional 12 million euro ($14 million) loan for financing a project for safeguarding the hydroelectric dams on the Drin and Mat river cascades in northern Albania.
The project will further contribute to improve the operational efficiency of these dams and enhance the stability of the power supply in the regional market, the World Bank said in a statement on Friday following a meeting of its board of executive directors.
The project aims at improving the safety of dams and their performance and availability, extending their lifetime, and increasing their compliance with environmental safeguards best practices, according to the statement.
The additional loan will provide financial support for the completion of rehabilitation of the spillways gates and stoplogs in two dams of the Drin river cascade (Fierza and Komani hydropower plants), and rehabilitation of electromechanical equipment of the Komani HPP.
“The Drin cascade represents an important asset in the country. The three HPPs in the Drin river cascade: Fierza, Komani and Vau i Dejes with total installed capacity 1350 MW, generate about 70% of total energy supply in Albania which, at recent regional market prices, represents an annual value of about $200 million,” the World Bank said.
The expected total project cost is $74.35 million, according to information posted on the website of the World Bank.
The remaining part will be co-financed by European Bank for Reconstruction and Development and the German government through its development bank KfW.
($ = 0.85797 euro)