Abu Dhabi’s Masdar and Albania’s state-owned energy corporation KESH have signed an agreement to explore joint ventures in renewable energy that seek to transform Albania’s clean energy sector.
The deal, signed on the sidelines of COP29 in Baku, Azerbaijan, is aimed at developing gigawatt-scale projects focused on solar, wind, and hybrid energy with possible battery storage integration, Masdar announced in a statement.
The projects are expected to address domestic energy demand while expanding Albania’s capacity to export renewable power to neighboring countries.
The agreement was witnessed by high-profile officials, including Albanian Prime Minister Edi Rama, UAE Minister of Industry Dr. Sultan Al Jaber, and Albanian Deputy Prime Minister Belinda Balluku,
“This partnership exemplifies the ambition needed to advance the global energy transition,” said Masdar CEO Mohamed Jameel Al Ramahi. He added that Albania’s natural energy potential, coupled with Masdar’s expertise in renewable technology, will facilitate sustainable energy production at scale.
The collaboration is well aligned with Albania’s green energy goals as well as the UAE’s objective to triple renewable energy capacity by 2030, Al Jaber noted. “Agreements like these help realise the UAE Consensus, aiming to increase renewable energy capacity globally,” he said.
KESH, Albania’s largest energy producer, aims to leverage this partnership to enhance energy resilience and diversify its energy sources, according to KESH CEO Erald Elezi.
“This joint venture with Masdar underscores KESH’s commitment to sustainable development, and it strengthens our position as a clean energy leader in the Balkans,” Elezi stated.
Albania has relied heavily on hydropower, but expanding into solar and wind could improve the stability of its energy supply, officials said.
Balluku, Albania’s Deputy Prime Minister, noted the broader significance of the partnership, stressing that it aligns with Albania’s goals for a sustainable energy sector.
“By combining Albania’s renewable resources with Masdar’s expertise, we’re advancing Albania’s role in the European energy market,” she commented.
Masdar has significantly expanded its presence in Southeast Europe, recently closing a 154 MW wind project in Serbia and proposing an acquisition of TERNA ENERGY in Greece, with a target capacity of 6 GW by 2029.
The joint venture with KESH is part of Masdar’s regional strategy to enhance its renewable energy portfolio and contribute to Europe’s clean energy objectives.
