Abu Dhabi Future Energy Company (Masdar) and Korporata Elektroenergjitike Shqiptare (KESH) – Albania Power Corporation - have signed a joint venture (JV) term sheet agreement to explore the development of gigawatt-scale renewable projects in Albania.

The signing ceremony took place in Baku, Azerbaijan on the sidelines of COP29.

The JV term sheet agreement aims to develop, construct, and operate solar PV, wind, and hybrid projects with potential integration of battery storage. The energy produced is expected to be supplied to the Albanian market and exported to neighbouring countries.

Masdar has significantly strengthened its presence in Southeast Europe with its proposed acquisition of TERNA ENERGY, the largest developer and investor in renewable energy projects in Greece with a target capacity of 6GW by 2029.

In addition, the company has increased its investment in the Balkans with the recently announced financial close on the 154MW Čibuk 2 project in Serbia, adding to its existing 158MW Čibuk 1 wind farm and bringing its total capacity in the country to over 300MW.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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