140 MW Karavasta solar plant reaches financial close

The 140 MW Karavasta solar plant is the first large utility-scale solar photovoltaic plant and a landmark project for Albania. It is a result of the country’s first competitive auction for solar power following the introduction of the EBRD Renewable Energy Auctions Programme in Albania. The project is developed by French Voltalia and will act as a model for others in the Western Balkans region. 

The EBRD is anchoring the €99 million financing structure required to implement the project and is mobilising significant and innovative commercial debt participation. The project’s total cost of €135 million is co-financed by the International Finance Corporation (IFC), Intesa Sanpaolo Bank Albania, Privredna Banka Zagreb and Voltalia’s resources. 

Since the Karavasta auction, the EBRD has helped the Albanian authorities with a solar PV auction at Spitalla and it is currently assisting with a 150 MW onshore wind auction. The EBRD is also supporting an upcoming 300 MW solar PV auction– the largest solar auction in the region.   



Photo by Markus Spiske on Unsplash