The company will also receive an additional loan of €50m from International Finance Corporation (IFC).
The loan provided by the IFC, will help in more efficient use of existing energy resources and increase the quality of electricity supply across Albania’s national grid.
Work under the modernisation programme also includes commissioning of new modern meters and implementation of new billing system to raise its revenue collection rates.
The company also plans to use these funds to refinance its debts.
The work is expected to be completed by 2014, improving the reliability and reducing the power losses in the network.
