Albania, an Attractive Destination for Solar Power Investments

Albania, an Attractive Destination for Solar Power Investments

TIRANA, October 24

Investments in photovoltaic businesses are turning into an attractive business type in Albania. The Ministry of Transport and Energy accepted 11 application on the construction of photovoltaic parks by private companies during the month of October. The projects eye areas throughout Albania. Top Channel TV reports that according to official data, the total value of these 11 projects is estimated Euro 25 million. Based on the procedures foreseen by the law, the applications of private companies will be scrutinized by the ministry and if they receive approval, the companies can proceed with the implementation of the projects.
Energy is one of the economic sectors that attracted more private investments during the recent years. Until the summer of 2017, most of the capital was invested in hydropower. As of summer, the trend changed and now investors are more interested in photovoltaic parks.
The construction those parks will help to diversify the sources of power in Albania, which currently depends completely on hydro.
Experts from the ministry say that photovoltaic parks in Albania will be highly efficient due to climate. Concerning these types of investments, the government guarantees that it will purchase energy with a preferential price Euro 100 per MW. Currently, Albania is one of the few countries in the worlds that relies 100percent on renewable energy.

News Source: TCh

Photo credit:

Leave a Reply

Your email address will not be published.