September 23 (SeeNews) - Norway's Statkraft launched on Friday the 73 MW Banja hydropower plant (HPP), the first of three planned plants on the Devoll river in Albania worth a combined 535 million euro ($600.7 million), the energy ministry in Tirana said.
Statkraft has invested 289 million euro in the project so far, the ministry said in a statement. The construction of the Banja power plant started in June 2013, providing jobs for 2,000 people.
Devoll Hydroproject, a wholly-owned subsidiary of Statkraft, is currently working on the construction of the second plant, Moglica. Construction works are expected to be completed in 2018.
The two power plants would cover 17% of Albania's electricity needs. The combined installed capacity of the three power plants will be 280 MW, according to data from Devoll Hydroproject.
As a result of reforms and investments in the energy sector, as well as reduction of transmission losses, Albania hopes to establish an energy bourse next year, energy minister, Damian Gjiknuri, said at the inauguration ceremony, according to the statement.
Statkraft is Europe's largest generator of renewable energy and is the leading power company in Norway. The company owns, produces and develops hydropower, wind power and gas-fired power stations as well as district heating utilities.
$=0.8907 euro