Masdar, a leading renewables developer from the UAE, and Albania’s state-owned energy group Korporata Elektroenergjitike Shqiptare (KESH) have signed a joint venture term sheet to explore large-scale renewable energy projects in Albania.
The partnership, formalized at the COP29 climate summit in Azerbaijan, aims to develop gigawatt-scale solar, wind, and hybrid renewable facilities, with potential battery storage integration.
"This joint venture with Masdar is a pivotal advancement in Albania's renewable energy journey, underscoring KESH's commitment to sustainable development and energy diversification,” said KESH’s chief executive Erald Elezi.
Under the agreement, Masdar will bring its global experience and networks with technology providers and financiers, while KESH will contribute its local expertise and infrastructure. The generated power is intended for Albania’s energy market and neighboring exports.
“The joint venture term sheet with KESH will mark a significant milestone in Masdar's expansion into the Balkans and Southeast Europe,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
Masdar’s recent activity in the Balkans includes a bid to acquire Terna Energy SA in Greece and a joint venture with Taaleri Energia to expand Serbia’s Cibuk 1 wind farm.
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