The European Bank for Reconstruction and Development (EBRD) has announced that it will be providing EUR29 million (US$32 million) in financing to an Albanian special-purpose vehicle which is owned by Voltalia. The fund will be used to construct the 140 MW Karavasta solar project.
The facility, which is set to cost EUR135 million (US$148.7 million) in total, will be co-financed by the International Finance Corporation, Intesa Sanpaolo Bank Albania, Privredna Banka Zagreb, and Voltalia’s own resources.
EBRD is the key investor in this project and will anchor the EUR99 million (US$109 million) financing structure. It is also leading the mobilization of commercial debt participation. This project is significant for Albania because it represents the country's first large-scale utility solar photovoltaic plant, and it was created based on the nation's first competitive auction for solar power.
