Albania is financing its project with a loan from the U.S. International Development Finance Corporation (DFC).
Albania nurtures its relations with the United States
This project follows the signing of a memorandum of economic cooperation between Albania and the USA in October 2020.
At the same time, the Albanian Minister of Energy signed another memorandum with Bechtel for the construction of the plant.
“It was a sign of commitment by the United States to strengthen economic relations between our two countries,” says Yuri Kim, U.S. Ambassador to Albania.
A major player in European hydropower
The first phase of this 210 MW project began on Saturday, October 2, 2021, with topographical measurements, hydrological and geothermal studies.
This phase also includes the environmental and social assessment, as well as the preparation of a technical project and cost evaluation.
The Albanian Energy Company(KESH) is covering the costs of this first phase under the contract signed with Bechtel.
With the creation of this hydroelectric power station, Albania becomes a major player in the European hydroelectric sector.
It is already the largest reservoir in Europe, with 7 billion m3 of water.
