- Agreement witnessed by the Prime Minister of Albania, HE Edi Rama
- Joint venture term sheet to explore renewable energy projects for Albania and neighboring countries
- Focus on solar, wind, and hybrid renewable projects with potential battery storage
Baku, Azerbaijan, COP29 – 13 November 2024: Masdar, the Abu Dhabi Future Energy Company, and Korporata Elektroenergjitike Shqiptare (KESH) – Albania’s Power Corporation – have signed a joint venture agreement to explore the development of large-scale renewable energy projects in Albania.
The signing ceremony, held in Baku during COP29, was witnessed by Albania’s Prime Minister, HE Edi Rama, UAE Minister of Industry and Advanced Technology, Dr. Sultan Al Jaber, and Albania’s Deputy Prime Minister and Minister of Infrastructure and Energy, HE Belinda Balluku. The agreement was signed by Mohamed Jameel Al Ramahi, CEO of Masdar, and Erald Elezi, CEO of KESH.
This partnership aims to develop and operate renewable energy projects using solar, wind, and hybrid technologies, potentially integrating battery storage. The energy generated will be used to supply Albania’s market and exported to neighboring countries.
Dr. Sultan Al Jaber stated, “This agreement reflects the UAE’s commitment to pioneering clean energy solutions. By combining Albania’s abundant resources with Masdar’s expertise, we aim to deliver sustainable energy, helping to achieve the UAE’s goals of tripling renewable energy capacity by 2030.”
Her Excellency Belinda Balluku emphasized the significance of the collaboration, saying it strengthens Albania’s energy security and positions it as a key player in Europe’s energy market.
The joint venture leverages KESH’s local market expertise and Masdar’s renewable energy experience to support Albania’s clean energy transition and contribute to broader European energy goals.
Mohamed Jameel Al Ramahi highlighted the expansion into Southeast Europe, noting that Masdar is aiming for 100GW by 2030, and this partnership is crucial to advancing both Albania’s and the region’s energy sustainability.
