Hydro Power Plant of Korca will employ the funds to construct the Verbe-Selce 1 and 2 plants with a combined capacity of 5MW and expected to be operational in 2013.

EBRD head of the resident office in Albania Fabio Serri remarked that the project will improve the country’s energy supply while driving economic development of the region.

Hydro Power Plant of Korca is owned by two Italian companies, Fidia Ambiente and EdilEurope.

EdilEurope owner Claudio Barbano added, "This project will set an excellent example of financially viable investments in renewables, we look forward to more projects in the Balkan region."

The ERDB loan is part of its Western Balkans Sustainable Energy Direct Financing Facility and will support private sector investment in Albania’s renewable energy sector, which generates almost all of its electricity from hydropower plants.