TIRANA, Albania - French renewable energy company Voltalia has announced the launch of the largest solar park project in the Western Balkans with a groundbreaking ceremony at the site of the Karavasta solar park in Albania. The construction marks a significant step forward for the region, making a strong commitment to renewable energy and boosting local economic growth.

The Karavasta solar project, with a total capacity of 140 megawatts (MW), will be situated in the Karavasta lagoon. Voltalia won the contract for the project in a competitive international auction last year, offering a record low bid of €24.89 ($28.60) per MWh. The company is co-financing the over €100 million project with the European Bank for Reconstruction and Development (EBRD), which has allocated over €30 million to the construction of the solar park. This project is also supported by the Albanian Ministry of Infrastructure and Energy.

The EBRD has praised the competitive auction process for the Karavasta project, noting that it demonstrated the viability of renewable energy investments in the Western Balkans. “We are proud to see this project reach financial close. It will contribute meaningfully to the diversification of local generation sources, which to date have been mostly hydro.” said EBRD Director and Head of Energy for Europe Grzegorz Zielinski.

Voltalia has also strengthened its presence in Albania by inaugurating a new office in Tirana, the country's capital. This office will facilitate collaboration between Voltalia and local stakeholders, as well as oversee the company's expanding operations in the region.

The inauguration of the office and the groundbreaking of the Karavasta project represent a considerable boost to Albania's renewable energy sector and the broader efforts of the Western Balkans to transition to more sustainable and resilient energy systems. The park is expected to create hundreds of jobs during its construction and will contribute to the economic development of the region.

The Karavasta solar park is expected to be fully operational by 2025, ushering in a new era of clean energy for Albania and the wider Western Balkan region.

For more information, please visit:

• Voltalia's case study on the Karavasta solar project: https://www.voltalia.com/case-study/karavasta-solar
• EBRD's project page on the Karavasta solar park: https://www.ebrd.com/work-with-us/projects/psd/52361.html

Sources:

• Voltalia News Release, Balkan Green Energy News, Globe Newswire, Monitor Albania

‍