GGF lends EUR 28m for zero-subsidy solar project in Albania

The Green for Growth Fund (GGF) will provide a EUR-28-million (USD 30m) loan to support the construction of a solar plant in Albania representing the largest zero-subsidy project of its kind in the Western Balkan Region.

GGF, established in December 2009 as a public-private partnership by Germany’s KfW Development Bank and the European Investment Bank (EIB), said on Friday that its loan covers up to 75% of the costs associated with the 50-MW Blue 1 solar project in Topoje, Fier County.

The project is being developed by a special purpose vehicle co-founded by Blessed Investment and Matrix Konstruksion in 2021. Its execution will make a significant contribution to Albania’s efforts to lower carbon dioxide (CO2) emissions by 11.5% by 2030 from 2016 levels.

It is estimated that Blue 1 will generate over 108,000 MWh of clean energy annually and eliminate some 1,900 tonnes of CO2 emissions per year.

(EUR 1.0 = USD 1.070)

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