Blue 1 Solar Project (MIGA-15132)

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
Gyrka, Hoxhara, Topoje, Fier
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
  • Multilateral Investment Guarantee Agency (MIGA)
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
Jan 19, 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
Green for Growth Fund Southeast Europe S.A., SICAV-SIF; SPV BLUE 1 SH.P.K
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)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 27.57 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 26.60
Converted using 2024-12-19 exchange rate.
Bank Documents
Primary Source

Original disclosure @ MIGA website

Updated in EWS Jan 7, 2025

Disclosed by Bank Dec 19, 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 MIGA, this summary describes the application made to MIGA by Green for Growth Fund Southeast Europe S.A., SICAV-SIF Luxemburg, entity that is seeking MIGA guarantee(s) covering the risk of Breach of Contract, for a period of up to 13 years for its EUR 26.60 million senior secured debt provided to SPV BLUE 1.

The Project consists of 103,020 solar panels, offic buildings, a 110/35 kV substation, access roads, and a parking area. The Project's 110 kV OHTL temporarily connects the power plant to the 220 kV Hoxhara-Fier OHTL until the project can connect to the new 220/110/35 kV Hoxhara substation, which is estimated to be commissioned in early 2025. The Hoxhara-Fier OHTL and Hixhara substation, which are under the responsibility of the Transmission System Operator (OST sh.a.), have been designed to serve existing and planned solar power projects in the area.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
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 on the project disclosure page, SPV BLUE 1 SH.P.K (Project Enterprise, PE) is a joint venture company created by Blessed Investment sh.p.k and Matrix Konstruction sh.p.k to undertake the design, construction, operation, and maintenance of a 50 megawatt (MW) solar photovoltaic plant (PV) and a 1.6 kilometer (km) 110 kV overhead transmission line (OHTL) in Topoje, Municipality of Fier, Albania.

The Engineering, Procurement and Construction (EPC) of the Project was implemented through split contracts (e.g. civil works, electrical, engineering), overseen by the PE. Matrix was responsible for construction of the Project, while Renco provides construction management and engineering assurance. The Project’s construction started in July 2022 and was commissioned in May 2024. Abkons sh.p.k, a subsidiary of Blessed Investment, has been contracted for the Project’s operation and maintenance. 

As stated on its website, the Green for Growth Fund (GGF) is an impact investment fund that mitigates climate change and promotes sustainable economic growth by investing in measures that reduce energy consumption, resource use and CO2 emissions.

The fund, a blended finance structure, is a public-private partnership that leverages risk-capital provided by public institutions with additional private capital to substantially increase investment volumes to regions and sectors that do not normally attract such flows, and is an early and successful example of blended finance in action. The fund channels this dedictaed financing to businesses and households through local financial institutions, and through direct investments to eligible projects and companies.

The GGF operates in 19 markets across Southeast Europe, Turkey, the European Neighborhood Region, and the Middle East and North Africa.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Green for Growth Fund Investor Finance
- - - - Renco S.p.A Contractor Infrastructure
Blessed Investment sh.p.k Parent Company Finance owns Abkons sh.p.k Contractor Construction
Matrix Konstruction sh.p.k Client Construction contracts with Blessed Investment sh.p.k Client Finance

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.

No project contacts provided at the time of disclosure.

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works