Baku: Abu Dhabi Future Energy Company (Masdar) and Korporata Elektroenergjitike Shqiptare (KESH) – Albania Power Corporation – have signed a joint venture 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, witnessed by the Prime Minister of Albania, Edi Rama, Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, COP28 President and Chairman of Masdar, and Belinda Balluku, Deputy Prime Minister and Minister of Infrastructure and Energy for Albania.
According to Emirates News Agency, the agreement was signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Erald Elezi, Chief Executive Officer of KESH. The joint venture term sheet agreement aims to develop, construct, and operate renewable energy projects utilizing a range of renewable technologies, including solar PV, wind, and hybrid solutions, with potential integration of battery storage. The energy pr
oduced is expected to be supplied to the Albanian market and exported to neighboring countries.
Dr. Al Jaber stated that the agreement underscores the UAE’s global commitment to clean energy solutions. By combining the UAE’s renewable energy expertise with Albania’s natural resources, the partnership aims to deliver more energy with reduced emissions, aligning with the UAE Consensus goals of tripling renewable energy capacity by 2030.
Balluku highlighted the significance of this partnership for Albania’s energy sector, emphasizing the strategic collaboration between Albania and the UAE. The partnership aims to leverage Albania’s renewable energy potential and Masdar’s global expertise to advance domestic energy goals and enhance Albania’s role in the European energy market.
The collaboration between Masdar and KESH is set to accelerate Albania’s clean energy transition by harnessing KESH’s position as Albania’s leading energy producer and Masdar’s operational expertise. The potential joint venture will ben
efit from Masdar’s relationships with technology providers and financial institutions, while capitalizing on KESH’s local market knowledge.
Al Ramahi remarked that the joint venture marks a milestone in Masdar’s expansion into the Balkans and Southeast Europe, aiming to contribute significantly to Albania’s clean energy transition. The partnership exemplifies the ambition needed to advance the global energy transition.
Erald Elezi, CEO of KESH, expressed that the partnership with Masdar represents a pivotal advancement in Albania’s renewable energy journey. By collaborating with Masdar, Albania is poised to introduce innovative renewable technologies, supporting its role as a clean energy leader in the Balkans.
The joint venture term sheet is a crucial component of the broader strategic partnership between the UAE and Albania. It aims to increase Albania’s renewable energy capacity, satisfy local demand, and enhance energy export capabilities to neighboring countries, contributing to regional energy securi
ty and sustainability goals.