The Green for Growth Fund has granted 15 million euros to the Albanian company Vega Energy for new solar projects in the Balkans

The international Green for Growth Fund (GGF) has officially approved a 15 million euro loan to the Albanian company Vega Energy, BalkanEngineer.com learned from a report by the economic publication SeeNews. This financial “injection” represents the GGF’s first direct corporate investment in Albania and aims to accelerate the implementation of large-scale photovoltaic projects with a total capacity of over 400 MWp in the Western Balkans region.

Vega Energy will use the capital to cover the costs of purchasing solar equipment, logistics, and engineering activities related to the construction of the power plants. As the company operates as an EPC contractor, it is fully responsible for the design, procurement, and construction of the facilities. The new capacity will be located primarily in Albania, Kosovo, and North Macedonia, with the total investment in the project portfolio expected to reach nearly 130 million euros.

The loan provided by the fund is intended to accelerate the transition of the planned power plants to the actual on-site construction phase. The projects will help balance local energy systems, as Albania currently relies primarily on hydroelectric power plants and is vulnerable to droughts, while Kosovo and North Macedonia remain heavily dependent on coal and are seeking opportunities to diversify with clean energy.

Vega Energy began operations in 2018, initially specializing in the installation of rooftop solar systems for businesses and households. Following a restructuring in 2022, the company expanded its operations and shifted to building large ground-mounted solar farms, while simultaneously beginning to develop energy storage systems in the region.

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