Floating Solar PV Projects
Floating Solar PV Projects
Business Model Description
Establish floating solar PV plants that capitalize on the synergies between hydro and solar power to augment energy output utilizing existing hydro reservoirs as the base for these projects, couple with innovative technologies such as high-density polyethylene ringed floaters for secure and efficient solar panel installation, generating revenue from the sale of comprehensive floating solar PV systems and provision of installation, maintenance, and engineering services.
Expected Impact
Bolster the availability of green energy sources as an alternative to hydropower and imported fossil fuels for power generation enhancing energy security and reducing the country’s carbon footprint.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
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Country & Regions
- Albania: Shkodër
- Albania: Elbasan
Sector Classification
Renewable Resources and Alternative Energy
Development need
Albania is a net importer of energy, with an energy dependency rate of 28% in 2021. Merely 37% of domestic production was through renewables including hydro-generation, which accounted for 95% of domestic generating capacity, crude oil stood at 4%, and solar energy trailed behind at 1%. The over-reliance on hydropower renders energy security susceptible to climate change causing diminishing rainfall and increased water stress to take hold by 2040 (1, 2, 3, 45).
Policy priority
Albania's National Strategy for Development and European Integration (NSDEI) 2022-2030 aims to boost renewables to 54.4% of energy by 2030, transitioning the country to a net exporter of energy. Nationally Determined Contributions commits to an 11.5% reduction in CO2 emissions, equivalent to 708 Gg, by 2030 (4, 5, 14).
Gender inequalities and marginalization issues
Energy policies within households have a gendered impact, leading to limited economic opportunities, underrepresentation in decision-making, and low political participation for women. Men dominate the energy and energy-related sectors, making up nearly 85% of the workforce, while women only represent around 16% (1, 9).
Investment opportunities introduction
Albania's 2030 plan emphasizes renewable energy as crucial for a sustainable, green economy, aiming for a 42% renewable energy share. The country's abundant solar potential, exceeding 1,500 kWh/m2 annually and peaking at 1,753 kWh/m2, is particularly appealing to commercial entities amid escalating electricity prices (6, 7, 8).
Key bottlenecks introduction
The renewable energy sector is primarily hindered by spatial localization and land acquisition challenges due to the complexities of property rights, sub-hourly, daily and seasonal variations of the resources particularly solar, as well as the availability of a skilled workforce familiar with the technologies associated with renewable developments (6).
Alternative Energy
Development need
In 2020, the cumulative gas emissions of Albania reached 8,304 kilotons of CO2 equivalent. Despite concerted efforts for mitigation, emissions in the sector are projected to increase by 40.3% from 2016 to 2030. Yet the Nationally Determined Contributions (NDC) plan manages to achieve a 23.9% curtailing of emissions through proposed mitigation measures compared to the business-as-usual scenario (10, 11).
Policy priority
Albanian National Energy and Climate Plan (NECP) echoes the target of achieving 54.4% renewable energy in gross final energy consumption by 2030. The Voluntary National Review (VNR) reveals that 83% of the SDGs are linked to National Strategy for Development and Integration pillars while the Energy Strategy highlights challenges in managing rising energy demand and aligning policies with EU directives (5, 15, 12).
Gender inequalities and marginalization issues
Albania provides access to energy for its entire population but faces challenges with frequent power interruptions and high electricity prices particularly impacting rural households and low-income populations despite the implementation of financial mechanisms to support vulnerable households in managing their energy costs (13).
Investment opportunities introduction
Albania's solar energy capacity within the Total Primary Energy Supply (TPES) is expected to grow steadily, increasing from 16.5 ktoe in 2020 to 65.0 ktoe by 2040. The country facilitates investment in renewable energy through feed-in-tariffs, CfD schemes, net-metering, and customs duty exemptions for power plant construction (2, 5).
Key bottlenecks introduction
The Albanian distribution grid, especially in Tirana, struggles with variable electricity and lacks capacity. Renewable energy investments are capital-intensive and rely on energy prices for returns. Heavy dependence on international suppliers, including Europe, is a supply-chain bottleneck impacting adaptability to changing energy patterns (2, 8).
Solar Technology and Project Developers
Pipeline Opportunity
Floating Solar PV Projects
Establish floating solar PV plants that capitalize on the synergies between hydro and solar power to augment energy output utilizing existing hydro reservoirs as the base for these projects, couple with innovative technologies such as high-density polyethylene ringed floaters for secure and efficient solar panel installation, generating revenue from the sale of comprehensive floating solar PV systems and provision of installation, maintenance, and engineering services.
Business Case
Market Size and Environment
Albania's solar insolation levels are averaging over 1,500 kWh/m2 annually, with peaks at 1,753 kWh/m2; utilization of hydropower reservoirs (130 km2 in total) can generate 4 GW of additional solar capacity.
By the end of 2021, Albania had 22 MW of solar PV capacity. Its favourable location receives annual solar radiation between 1,185-1,700 kWh/m2 in different regions. On sunny days, each square meter captures about 2,200 kWh yearly. Albania's solar PV deployment potential is 2,378 MW, producing 3,706 GWh annually (7, 8, 27).
The hydrographic basin of Albania has a total area of 43,305km2, of which only 28,748km2, or 67%, is within the Albanian borders. If Albania were to use all of its large hydropower reservoirs (water surface of 130 km2) for building floating solar PV plants, it could potentially deliver 4 GW of additional solar capacity (19, 42).
Albania’s technical potential for the deployment of solar PV is estimated at 2,378 MW, with production of 3,706 GWh annually including ground mounted and floating installations (6).
Indicative Return
15% - 20%
The potential average nominal equity IRR for Albania between 1900-2010 for floating solar PV investments was calculated as 15.8% (16).
Investment Timeframe
Long Term (10+ years)
Investments in floating solar PV projects span across a long payback-period required for private investments, due to high CAPEX requirements and the innovative nature of the technology.
An example project from Asia has provided the payback period for a 150 MW floating photovoltaic (FPV) plant with a 30-year lifespan as 7.5 years, while a study looking at Iran proved payback periods of 6 years or less, however these are developed markets increasing the expected timeframe for Albania (16, 17).
Ticket Size
> USD 10 million
Market Risks & Scale Obstacles
Capital - CapEx Intensive
Capital - Requires Subsidy
Capital - Limited Investor Interest
Impact Case
Sustainable Development Need
Hydropower energy accounts for 95% of all domestic energy generation capacity, followed by crude oil at 4% and solar energy at 1%, demonstrating the vulnerability of energy security due to over-reliance on hydro-power and declining rainfall patterns (1, 2, 3).
Over 25% of Albania's energy is imported creating a high dependence on energy imports and vulnerabilities against value chain disruptions. Increased demand for electricity has led to regular power shortages, and climate change impacts have reduced average electricity output from hydropower plants by up to 15% (41).
Scarcity of suitable and available land for solar parks limit the development of Albania's extensive solar energy potential, with an average solar radiation of over 1,300 kWh/m2/year. Water areas such as reservoirs of existing hydropower banks can readily be used as locations for developing floating solar PV, reducing land-intensive generation and construction of new infrastructure (19).
Gender & Marginalisation
Although the entire population enjoys access to energy, provision is not stable particularly impacting rural households, and women who bear the responsibility of household energy use. In 2016, there were on average 97 hours of power interruption, equalling 43 interruptions per customer - highest in the western Balkans region (12).
Approximately 318 thousand elderly individuals in Albania, aged 65 and older, are particularly vulnerable to energy poverty due to their limited pension incomes, where only heating costs between 13-29% of the total amount of their pension (21).
Expected Development Outcome
Investments in floating solar energy will enhance energy security and reduce emissions, while mitigating frequent power interruptions and high electricity prices, particularly in rural areas, and promote responsible consumption and production.
Floating solar PV systems can help to substantially increase renewable energy penetration overcoming the scarcity of suitable land and promote diversification of energy supplies away from fossil fuels, enhancing energy security and efficiency.
Floating solar energy systems can make efficient use of water resources for both energy generation and reducing water evaporation from reservoirs, thereby supporting water management.
Gender & Marginalisation
Floating solar PV projects can be integrated into community development initiatives, involving women and rural populations in decision-making processes, skill development, and job opportunities; fostering a more inclusive workforce and broader skills pool.
Inclusive energy policies in Albania will address urban-rural disparities in access to reliable energy sources from floating PV, combat energy poverty, and improve living conditions including for the elderly by reducing the high costs of heating, enhancing their financial well-being.
Floating solar PV systems can help reduce water evaporation from reservoirs or lakes, preserving water resources positively impacting rural areas where agriculture is a significant livelihood, particularly for women.
Primary SDGs addressed
7.2.1 Renewable energy share in the total final energy consumption
7.1.2 Proportion of population with primary reliance on clean fuels and technology
Share of renewable energy in gross final energy consumption in Albania was 41.3% in 2021 (38).
Percentage of population with primary reliance on clean fuels and technology recorded as 37.55% in 2020 (39).
The objective set for renewable energy's portion in Albania's overall final energy usage by 2030 is 54.4%, as outlined in the National Strategy for Development and European Integration 2022-2030 (14).
The long-term objective for this indicator is a value of 100 at a global scale (24).
12.a.1 Installed renewable energy-generating capacity in developing countries (in watts per capita)
The capacity of renewable energy generating power plants in Albania, including hydropower, was recorded at 2105 MW in 2019, which is approximately 0.758 watts per capita (population of Albania is 2,775,634 in 2022/ watts per capita = 2109 MW / 2,775,634 ≈ 0.000759 MW) (2, 14).
A total of 16.506 MW of renewable energy capacity is targeted for installation in Albania by 2030, and the population is projected to be 2,933,530 in 2030 (2, 14).
13.2.2 Total greenhouse gas emissions per year
Albania's total greenhouse gas emissions in 8,304 kilotons of CO2 equivalent in 2020 (15).
Albania's Nationally Determined Contributions commits to an 11.5% reduction in CO2 emissions, equivalent to 708 Gg, by 2030 (11).
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Outcome Risks
The negative environmental impacts include the risk of anaerobic conditions due to restricted gas exchange, which can harm aquatic ecosystems and disrupt water ecosystems, impacting aquatic life (20).
Floating Solar PV systems may harm water quality through pollution, leakage and corrosion, with electrical equipment and construction noise also affecting aquatic environments (20).
Inadequate testing and novelty of the technology may lead to uncertainties about its long-term sustainability, potentially resulting in unanticipated operational and environmental challenges (19).
Gender inequality and/or marginalization risk Lack of gender-specific data and awareness hampers tailored solutions, risking worsened gender disparities in energy poverty (21).
Impact Risks
While floating solar PV offers benefits like higher yield and water conservation, variable efficiency due to site-specific irradiation levels poses risks on the durability of positive impact (19).
Floating solar panels can limit access to water bodies for fishing, recreational activities, or other traditional uses, which might have social and economic consequences for local communities.
Floating solar PV systems require regular maintenance to ensure optimal performance, failing to perform maintenance can lead to reduced energy generation limiting intended positive impact.
Extreme weather events including storms and floods can impact operationality and energy generation, impacting access to energy for local communities relying on the technology.
Gender inequality and/or marginalization risk: Absence of a gender equality action plan and awareness training can contribute to gender disparities and exclusion risks in the sector (22).
Impact Classification
What
Generate clean and sustainable energy while contributing to job creation, access to energy and environmental sustainability, through reduced reliance on fossil fuels and climate prone hydropower.
Risk
Variable efficiency due to site-specific irradiation levels, limited skilled workforce pool, extreme climate events can reduce impact, while installations can create unexpected externalities to the aquatic ecosystem and ancillary economic activities
Contribution
Leveraging Albania's water resources, floating solar projects provide energy without using land, diversifying the energy mix and supporting the nation's green shift.
Impact Thesis
Bolster the availability of green energy sources as an alternative to hydropower and imported fossil fuels for power generation enhancing energy security and reducing the country’s carbon footprint.
Enabling Environment
Policy Environment
National Strategy for Development and European Integration 2022-2030: aims to significantly increase the share of renewable sources in final energy consumption, aiming to achieve a share of 54.4% by 2030 through additional measures including boosting electricity generation capacity from solar, supporting private investments in the sector, strengthening energy transmission infrastructure, promoting energy efficiency, transitioning the country in to a net energy exporter (14).
National Energy and Climate Plan of the Republic of Albania, 2021: promotes a continuous expansion of its solar energy capacity as part of the Total Primary Energy Supply (TPES), with an anticipated rise from 16.5 ktoe in 2020 to 65.0 ktoe by the year 2040 (5).
Albania National Energy Strategy 2018-2030: aligns with national and European Green Deal goals, emphasizing clean energy, sustainable construction, mobility, and pollution reduction, targeting a 42% renewable energy share and a 15% reduction in energy consumption by 2030 (25).
The Voluntary National Review (VNR), 2018: highlights a robust 83% linkage between SDGs and NSDI II pillars. SDG 7, emphasizing affordable and sustainable energy, while highlighting challenges involving managing escalating energy demand and aligning policies with EU directives (12).
Financial Environment
Financial incentives: The Renewable Energy Law offers financial incentives such as Feed-in Tariffs, Power Purchase Agreements through Contract for Difference auctions for larger initiatives, and introduces demonstration projects to exhibit innovative energy technology applications (27, 28).
Fiscal incentives: Renewable energy technologies are exempted from custom duty, with VAT to be cancelled for solar and wind energy power equipment, reducing the financial burden on developers and encouraging the adoption of renewable technologies (28, 30).
Other incentives: The Albanian Power Exchange (ALPEX) was formed to manage and administer the organized electricity market on a day-ahead basis. The Western Balkans Investment Framework (WBIF) provided a grant of EUR 2.7 million (USD 2.86 million) along with EBRD's EUR 7.48 million (USD 8.3 million) to KESH's Vau i Dejës Floating Solar Photovoltaic Power Plant (31, 32, 44).
Regulatory Environment
Law no.24/2023,Promotion of Renewable Energy Use, April 2023: replaces Law no. 7/2017 replaces Law no. 7/2017 and aligns with EU standards. It promotes renewable energy, introduces support schemes, and sets guidelines for self-producers, operators, network access, and origin guarantees (26).
Law no. 125/2013 on Concessions and Public Private Partnership, April 2013 (amended 2019). It requires approval from the contracting authority and Ministry of Finance for Special Purpose Vehicle (SPV) ownership or management changes, with exceptions for stock market transactions (28).
VAT law no. 92/2014, 2015: aligned with EU Directive, introduces new definitions of taxable person, taxable supply and taxable basis while setting exemptions or reduced rates for specific goods or services, or specific schemes tailored for particular projects (28, 40).
Law no. 55/2015 On Strategic Investments, 2016: aims to increase Albanian and foreign strategic investments in the sectors of the economy considered as strategic sectors, through the establishment of special favourable administrative procedures, mitigating and support services to the investors (32).
Marketplace Participants
Private Sector
KESH Gen Sh.A,, Statkraft, Ocean Sun, Doko.
Government
Ministry of Infrastructure and Energy, State Agency for Strategic Programming and Aid Coordination, Ministry of Economy, Culture, and Innovation, Albanian Investment Development Agency, Albanian Power Exchange, Albania Investment Council, Albanian Investment Corporation.
Multilaterals
European Bank for Reconstruction and Development (EBRD), European Union, International Energy Agency, United Nations Development Programme (UNDP), GEF (Global Environment Facility), ESPN (European Social Policy Network), IRENA (International Renewable Energy Agency).
Non-Profit
Women Engage for a Common Future (WECF) International, AEA Albania Energy Association, Albanian Renewable Energy Association (AREA), Resource Environmental Center Albania (REC Albania), Foreign Investors Association of Albania (FIAA), Connecting Natural Values & People (CNVP).
Public-Private Partnership
Albanian state-owned electricity producer KESH has set up a 5.1 MW solar power unit on the Qyrsaq dam and conducted a qualification tender for a 12.9 MW floating photovoltaic facility. KESH is now seeking a contractor for a solar power plant on its Zadeja dam in Vau i Dejës dam (43).
Target Locations
Albania: Shkodër
Albania: Elbasan
References
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