The Albanian Power Corporation (KESH) and Masdar, a global leader in renewable energy, also known as the Abu Dhabi Future Energy Company, have signed an agreement to establish a joint venture company that will invest in renewable energy projects across Albania.

Why is this important: Albania already generates 100% of its electricity from renewable sources, primarily from three large hydropower plants in the north built during the communist era. Partnering with Masdar, known for its global expertise in renewable energy, aligns with the Albanian government’s ambitious goal to become a regional leader in electricity production within the next decade.

Context: The agreement was signed during the COP29 Climate Summit in Baku, which was attended by 200 world leaders, including Albanian Prime Minister Edi Rama. During his visit to Azerbaijan, Rama also met with Sheikh Mohammed Bin Zayed, President of the United Arab Emirates, whom he described as a rare and generous friend of Albania. Rama stated that they discussed the progress of key projects entering the implementation phase, including this newly formed joint venture for energy production.

The discussions also covered additional initiatives, such as:

• Printing securities
• A trilateral interconnection line project with Italy
• A new digital traffic control system

Rama emphasized the importance of these projects for modernizing and strengthening Albania’s public sector and highlighted the deepening ties between Albania and the UAE.

Masdar CEO Mohamed Jameel Al Ramah remarked that Masdar is highly active in the Balkans and that strategic projects like this one will tap into Albania’s extraordinary renewable energy resources.