April 24 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Monday it is providing a loan of 29 million euro ($31.9 million) to Karavasta Solar LLC, an Albanian special-purpose vehicle owned by France’s Voltalia, for the construction and operation of the 140 MW Karavasta solar power plant in Albania.
The EBRD is leading a 99 million euro financing structure needed to implement the project, the lender said in a press release.
The project’s total cost of 135 million euro is co-financed by the International Finance Corporation (IFC), Intesa Sanpaolo Bank Albania, Privredna Banka Zagreb and by Voltalia’s own resources.
Voltalia started the construction of the Karavasta park in early July 2022. The solar power plant is expected to be commissioned in the second half of 2023.
Voltalia signed a 30-year concession contract with Albania's government to build and operate the Karavasta solar power plant in 2020.
($ = 0.907967 euro)