During the development of the 2024 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, more commonly known as COP29, in Baku, Azerbaijan, a cooperation agreement was signed between the Albanian Electricity Corporation KESH and the Emirati state-owned renewable energy company Masdar to create a joint company that will invest in Albania.

Prime Minister Edi Rama announced the signing of the agreement, emphasizing that this company will invest in Albania and the region.

The Deputy Prime Minister, at the same time the Minister of Infrastructure and Energy, Belinda Balluku, described this agreement as one of the most important in the energy sector with a wide impact in the region.

In a statement, Balluku said, "During the development of COP29 in Baku, in addition to all the panels where we have the great fortune to promote an Albania that produces 100% renewable energy, today we signed one of the most important agreements of cooperation with the giant Masdar".

"This Emirati company has been operating in the Balkans for a long time, but it has already established an inherent cooperation with the Albanian Electricity Corporation, the creation of a joint company which will invest in the entire area of ??the Western Balkans, but above all in Albania," said Balluku.

The representative of the Masdar company pointed out that, "as a global leader in renewable energy, Masdar is proud to have signed this agreement with Albania, in particular with KESH".

"We have created a joint partnership and are developing renewable energy projects in the country," he emphasized. According to him, Masdar is very active in the Balkan region.

"We are one of the largest renewable energy companies in the world. We are happy to cooperate with the Albanian government and KESH for this strategic project which will utilize the extraordinary renewable energy resources that Albania has. We look forward to working on the progress of this project," said the representative of Masdar.

Minister Balluku ended her message, considering the agreement as very important, as she said, "Energy and the renewable economy are a top priority for Albania".

Abu Dhabi Future Energy Co. – Masdar is one of the pioneers in wind energy in the Western Balkans with its wind facility Cibuk 1 of 158 MW, the biggest in Serbia, and the 72 MW Krnovo wind farm in Montenegro. The company, based in the United Arab Emirates, and its partner Taaleri Energia recently reached the financial close of Cibuk 2, a 154 MW wind project in Serbia.