Abu Dhabi Future Energy Company PJSC (Masdar) has signed a joint venture term sheet with Albania's Korporata Elektroenergjitike Shqiptare (KESH) to explore developing large-scale renewable energy projects in Albania. The agreement was signed at COP29 in Baku, Azerbaijan by Masdar CEO Mohamed Jameel Al Ramahi and KESH CEO Erald Elezi.
The collaboration will focus on constructing and operating renewable projects using solar, wind, and hybrid energy sources, potentially integrated with battery storage. Energy from these projects will serve Albania and could also be exported to neighboring countries.
Al Ramahi stated, “The joint venture term sheet with KESH will mark a significant milestone in Masdar's expansion into the Balkans and Southeast Europe. By combining our expertise in large-scale renewable projects with KESH's deep understanding of the Albanian energy market, we are poised to make a substantial contribution to Albania's clean energy transition.”
With Masdar aiming for 100GW of renewable capacity by 2030, the JV will benefit from Masdar's global connections with technology providers and financiers, while leveraging KESH's local infrastructure and expertise.
Elezi added, “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. Although Albania already benefits from a predominantly green energy mix, this partnership will enhance our energy resilience, improve stability, and open avenues for clean energy exports to the region.”
The Masdar-KESH joint venture underscores the broader UAE-Albania strategic partnership and is intended to boost Albania's renewable capacity and contribute to regional energy security and sustainability goals.
