The European Bank for Reconstruction and Development (EBRD) and the government of Albania have signed memorandum of understanding (MOU) on cooperation in solar power development.

Albania’s Minister of Energy and Industry, Damian Gjiknuri and EBRD Head of Albania, Matteo Colangeli signed a Memorandum of Understanding (MoU) in the capital Tirana with the goal to stimulate sound investments in solar power generation.

The document will develop projects in Albania through an auction-based system, in accordance with international best practice. Implementation of the MoU’s roadmap will significantly increase the attractiveness of investments in solar power generation in the country and thus lessen Albania’s reliance on hydropower and energy imports.

EBRD Head of Albania, Matteo Colangeli, said: “The signing of this Memorandum is a very important step towards establishing solar power generation in Albania. The government and the EBRD will cooperate in developing and implementing a framework for the allocation, through a competitive bidding process for private investors in the building, owning and operating of solar power projects in Albania with a total combined capacity of 50-100MW. We look forward to working with the government towards turning this objective into reality.”

Minister of Energy and Industry, Damian Gjiknuri added: "Increasing the use of renewable energy technologies is an important step towards a more sustainable development, which brings great benefits to the Albanian industry.  Solar energy can also be the strategic solution to reduce the dependence on imports, and improve not only the security of energy supply but also the country's macroeconomic and political security. The new support auctioning schemes for renewable energy will add value in the energy sector and the domestic economy."

To date, the EBRD has invested more than €1 billion in 77 projects in Albania. Infrastructure and energy are the largest sectors of EBRD investments, reflecting both the country’s most pressing needs and strongest potential.