The Western Balkans Investment Framework (WBIF), the EU’s regional arm, said on Friday it is providing Albania with a grant of Euro 2.6 million (Dollar 2.8 million) for the development of a 12.9 MW floating solar photovoltaic (PV) power plant at the reservoir of Vau i Dejes hydropower plant (HPP). Investment in the project in northwestern Albania is valued at Euro 12 million, the WBIF said in a project description. Financing is led by the European Bank for Reconstruction and Development (EBRD) through a 7.48 million euro loan, whereas the Albanian government will contribute an estimated 1.9 million euro.

The PV plant is projected to generate 18 GWh of electricity and reduce carbon dioxide emissions by 8,700 tonnes per year, the WBIF said.

The project is expected to be completed by 2025. It will be the first application in the Western Balkans of pure-float technology, the method of installing floating solar panels directly on the water surface without additional structures.

The Western Balkans Investment Framework (WBIF) is a financial platform that coordinates and harmonizes investments for socio-economic development in the region. 

It is a joint initiative of the EU, financial organizations, bilateral donors, and beneficiaries, contributing to the European perspective of the Western Balkans.

Due to its collaborative nature in line with the Team Europe approach, the WBIF is the main financial vehicle for implementing the EU’s ambitious policy priorities and investment flagships of the Economic and Investment Plan for the Western Balkans.

Since the adoption of the Economic and Investment Plan in October 2020, the WBIF has endorsed 59 flagship investments for Euro 8.9 billion investments in key railway, road, and waterway interconnections, renewable energy, energy efficiency and power interconnectors, waste and water management, new health and education facilities, digital infrastructures and private sector development.

The European Union and bilateral donors contribute Euro 2.6 billion in grants to these investments. Furthermore, 21 guarantees will benefit from up to Euro 937 million in EU guarantee coverage. These guarantees aim to crowd in private investments to increase the investment capacity of the region across the European Commission’s policy priorities.