Voltalia locks EBRD debt for 140-MW solar project in Albania

French renewable power plants operator Voltalia SA (EPA:VLTSA) has secured EUR 29 million (USD 31.9m) in debt financing to back the construction of a 140-MW solar project currently underway in Albania.

The loan is being provided by the European Bank for Reconstruction and Development (EBRD), which is also leading an EUR-99-million financing for the Karavasta project, it said on Monday. Apart from the debt facilities, Voltalia is using own resources to execute the project, estimated at some EUR 135 million.

The syndicate of lenders backing the scheme includes the International Finance Corporation (EFC), Intesa Sanpaolo Bank Albania and Privredna Banka Zagreb.

The Karavasta photovoltaic (PV) park is being built in the Fier area of southwestern Albania and is set to become the country's first large utility-scale solar complex. Construction was initiated in July 2022 and is expected to be completed in the second half of 2023.

Karavasta was among the winners in Albania’s first EBRD-backed solar power auction, securing a 15-year contract for 50% of its output. Voltalia's plan is to seek corporate off-takes for the remaining electricity.

(EUR 1.0 = USD 1.101)

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