Masdar and Korporata Elektroenergjitike Shqiptare (KESH) have inked a term sheet agreement to explore GW-scale renewable energy projects in Albania. The agreement aims to focus on the development, construction, and operation of solar, wind, and hybrid renewable energy projects along with the potential incorporation of battery storage.
Furthermore, this partnership aims to accelerate Albania’s clean energy transition by leveraging the expertise of both Masdar and KESH. The energy produced through the planned projects will be supplied to the Albanian market and also exported to the neighboring countries.
Masdar’s partnership with KESH is yet another step in its global expansion, further establishing the company’s presence in the renewable energy sector worldwide. In October 2024, Masdar acquired a 50 per cent stake in Teraa-Gen Power Holdings from Energy Capital Partners. Masdar and Igneo Infrastructure Partners both now own 50 per cent share in the company.
In September 2024, Masdar along with EDF Renewables, and KOWEPO secured financing for the 1.5 GW Al Ajban Solar PV project in Abu Dhabi. In August 2024, Infinity Power and Masdar inked a power purchase agreement with Egyptian Electricity Transmission Company for a 200 MW wind farm in Egypt.
REGlobal’s Views: Masdar has set a target for 100 GW renewable energy across the globe by 2030. The company has been ramping up its renewable energy capacity through both organic and inorganic means, not just in the MENA region but also across US, Asia, and Europe. In Southeast Europe, particularly, the company already has plans to acquire TERNA ENERGY in Greece and has investments in wind projects in Balkans.
