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The Green for Growth Fund (GGF) said it has committed a €28 million loan to the construction and operation of the Blue 1 solar power plant in Fier, western Albania. The amount will cover 75% of the cost of the facility, which is already under construction, BalkanEngineer.com learned from Balkangreenenergynews.com.
The private investment is an important milestone in the history of energy production in the county, as it is the largest non-subsidized solar project in the Western Balkans region. The special purpose vehicle for the 50 MW solar unit under construction was founded by Blessed Investment and Matrix Konstruksion.
The GGF Technical Assistance Facility provides the support to increase the impact generated by the investment, while ensuring that the project is developed in accordance with the best international practices from an environmental, social and technical point of view.
Blue 1 will contribute to energy diversification and reducing Albania's dependence on hydropower. The initiative is expected to contribute significantly to the country's efforts to reduce carbon dioxide emissions by 11.5% by 2030 compared to 2016 levels. Estimates show that the project will reduce CO2 emissions by approximately 1,900 t and generate more than 108 GWh per year.
The expected environmental benefits of this project are consistent with GGF's mission to promote renewable energy and drive climate change mitigation.
Photo source: canva.com