EBRD Invests in Hydropower in Albania
24 September 2012: The European Bank for Reconstruction and Development (EBRD) is providing a €5.2 million loan to a hydropower plant company in Albania to finance the construction of two small hydropower plants.
The company, Hydro Power Plant of Korca sh.p.k., will build two plants, Verbe-Selce 1 and 2, which will become operational next year. They will generate up to 23 GWh of electricity per year and help offset over 17,400 tons of carbon dioxide annually.
The EBRD financing is being provided under the Bank's Western Balkans Sustainable Energy Direct Financing Facility (WeBSEDFF). Fabio Serri, Head, EBRD, Albania, said the project will help improve security of energy supply. Fabrizio Arengi Bentivoglio, Chairman and CEO of Fidia Finanziaria, which owns part of the hydropower company through its subsidiary Fidia Ambiente, highlighted that his company has been operating for many years in the renewable energy sector and that the new initiative in Albania is part of a strategic plan that will involve further investments in renewable energy in the Balkan region. [EBRD Press Release]