KESH Belshi Solar PV Project (EBRD-54350)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Albania
Geographic location where the impacts of the investment may be experienced.
Specific Location
Belshi, Kajan
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Feb 12, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Korporata Elektroenergjitike Shqiptare (KESH)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 32.08 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 30
Converted using 2024-04-26 exchange rate.
Loan Amount (USD)
$ 32.08 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 30
Converted using 2024-04-26 exchange rate.
Project Cost (USD)
$ 42.78 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 40
Converted using 2024-04-26 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 27, 2024

Disclosed by Bank Apr 26, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the EBRD, the project consists of a sovereign-guaranteed loan of up to EUR 30 million in favour of the Albanian power generation state-owned enterprise, Korporata Elektroenergjitike Shqiptare (KESH). The loan proceeds will be used for the construction of a 50MWp ground-mounted solar photovoltaic plant in the Belshi area.

The electricity generated from the plant would increase KESH's generation capacity and help it fulfil its Public Service Obligation (PSO) (~30% of annual electricity consumption is imported). The proposed project provides an excellent opportunity for KESH to diversify its current almost entirely hydro-reliant generation in line with its i) investment strategy (solar PV capacities +80 MWp) and ii) the national strategy for expansion and diversification of its mix of electrical power production with new forms of Renewable Energy Sources (RES).

The 50MW solar photo-voltaic (PV) plant and associated sub-station will be located in Belsh Municipality on a greenfield site of approximately 60 hectares and a new approximately 9 km 110kV overhead line will connect it to the grid at the existing sub-station at Kajan, which will be expanded as part of the Project.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

As stated by the EBRD, the total project costs of EUR 40 million are expected to be funded via an EUR 8 million Western Balkans Investment Framework (WBIF) investment grant, an EUR 30 million EBRD sovereign guaranteed loan, and the remaining through an equity injection from KESH.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the EBRD, KESH is a leading electricity generation company in Albania and the owner and operator of the country's three major hydropower plants, accounting for around 65% of the domestic electricity production with a combined installed capacity of 1.350 MW.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Korporata Elektroenergjitike Shqiptare (KESH) Client Energy

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Korporata Elektroenergjitike Shqiptare (KESH):

Arta Gurabardhi
Email: Arta.Gurabardhi@kesh.al
Website: www.kesh.al
Address: Rr. Viktor Eftimiu, Blloku Vasil Shanto, Tirane, Albania

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html

How it works

How it works