Abu Dhabi Future Energy Company PJSC (Masdar) and Albania’s state-owned energy corporation, Korporata Elektroenergjitike Shqiptare (KESH), have signed an agreement to jointly develop renewable energy projects in Albania. This agreement, known as a joint venture term sheet, focuses on creating gigawatt-scale renewable energy projects, including solar, wind, and battery storage technologies.
The agreement was signed during COP29 in Baku, Azerbaijan, and was witnessed by key officials from the United Arab Emirates and Albania. Mohamed Jameel Al Ramahi, CEO of Masdar, and Erald Elezi, CEO of KESH, signed the agreement on behalf of the two companies.
The partnership aims to use Albania’s natural resources to produce clean energy while taking advantage of Masdar’s experience in renewable energy development. KESH, as Albania’s main energy producer, and Masdar, with expertise in large-scale renewable projects, will work together to build infrastructure that can supply clean energy in Albania and support the energy needs of surrounding regions.
This collaboration aligns with both Albania’s and the UAE’s renewable energy goals. It supports Albania’s goal to increase its energy resilience and expand its renewable capacity, while also meeting international energy demand. The UAE has targeted the expansion of its renewable energy projects globally, with Masdar aiming for a renewable energy capacity of 100GW by 2030.
Masdar’s expansion in Albania is part of a broader strategy to strengthen its presence in Southeast Europe. Masdar recently proposed acquiring TERNA ENERGY, Greece’s largest renewable energy developer, with plans to reach 6GW of capacity in Greece by 2029. Masdar has also expanded in Serbia, reaching over 300MW of wind capacity.
The Albanian government and KESH view the partnership with Masdar as a step toward diversifying the country’s energy sources and strengthening its position in the European energy market. Albania already generates a large portion of its energy from hydropower, and this new partnership with Masdar will support further diversification and integration of other renewable sources like solar and wind.
