Austria-based energy group operator EVN has inked an agreement to offload its 50% stake in joint venture Devoll Hydropower to renewable energy developer Statkraft.

The company noted that the deal was subject to an approval from the Ministry of Economy, Trade and Energy of Albania; as well an amendment to their concession agreement.

EVN’s sale of the stake is expected to have a one-time negative impact of €20m on the results of operations but will partially be offset by effects related to electricity prices being below expectations.

Following the sale, EVN will not be obligated to provide further equity and will potentially increase its future financial flexibility.

EVN will continue its operations in Albania through the Astha project with its partner, Verbund.