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Germany, EU provide 50 mln euro to Albania for Fierza HPP overhaul - report

Feb 2, 2022, 10:53:58 AMArticle by Dragana Petrushevska
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February 2 (SeeNews) - The German Federal Government and the EU will provide a total of 50 million euro ($56.4 million) to Albania to finance the rehabilitation of Fierza hydropower plant (HPP) in the northern part of the country, local media reported.

Germany, EU provide 50 mln euro to Albania for Fierza HPP overhaul - report
The Åmotsfoss Kraft hydro plant. Source: Cloudberry Clean Energy.

The EU is providing 8.35 million euro in the form of a grant through the Western Balkans Investment Framework (WBIF), news provider Argumentum reported last week.

In May 2021, Albania’s parliament approved a 42 million euro agreement with German government to finance a project for the rehabilitation of Fierza HPP. The deal foresees a 40 million euro soft loan to be provided by the German development bank KfW to implement the project and an additional 2 million euro grant for the necessary accompanying measures and supervision of the project, parliament said at the time.

The rehabilitation of the hydropower plant, operated by Albania's state-owned power corporation KESH, is expected to expand its productive lifetime by at least 30 years and increase its capacity by at least 10%.

Fierza HPP counts for 22% of Albania's total domestic electricity production.

Albania produces over 90% of its electricity from hydro power plants, most of which are located along the Drin river, in the northern part of the country.

($ = 0.8867 euro)

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