Utility-Scale Solar PV Farms
Utility-Scale Solar PV Farms
Business Model Description
Construct and operate utility-scale solar power plants in regions with high solar radiation, through collaboration with the government in Public-Private Partnerships (PPPs) and selling the generated energy through Power Purchase Agreements (PPAs) agreed during the tendering phase and the Albanian Power Exchange (ALPEX) , with additional revenue generated from providing comprehensive maintenance services for the solar plants, ensuring their optimal performance and longevity.
Expected Impact
Enhance the proportion of renewable energy sources in the domestic energy mix, concurrently lowering CO2 emissions stemming from energy production while promoting energy security and lowering utility prices.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
Disclaimer
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Country & Regions
- Albania: Fier
- Albania: Durrës
- Albania: Vlorë
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, 50).
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 (6, 10).
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, 11).
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 (8, 16, 27).
Key bottlenecks introduction
The renewable energy sector is primarily hindered by spatial localisation 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 (8).
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 (18, 19).
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, 10, 17).
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 (12).
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, 10).
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, 27).
Solar Technology and Project Developers
Pipeline Opportunity
Utility-Scale Solar PV Farms
Construct and operate utility-scale solar power plants in regions with high solar radiation, through collaboration with the government in Public-Private Partnerships (PPPs) and selling the generated energy through Power Purchase Agreements (PPAs) agreed during the tendering phase and the Albanian Power Exchange (ALPEX) , with additional revenue generated from providing comprehensive maintenance services for the solar plants, ensuring their optimal performance and longevity.
Business Case
Market Size and Environment
Solar insolation levels average over 1,500 kWh/m2, technical potential at 2,378 MW and production of 3,706 GWh annually; 22 MW of solar PV installed as of 2021.
Albania's solar PV market has grown significantly with diverse support schemes, including FiT, CfD, and PPAs. A total authorized capacity of 24 MW under FiT (feed in tariff), an extra 50 MW through CfD (contract for difference), and 140 MW near Fier commissioned to Voltalia under the Karavasta Plant, with 70 MW under a PPA and the rest at market price from a January 2020 auction, demonstrate substantial expansion. The launch of a new auction for a 100 MW solar PV plant in Durrës at the end of 2020, commissioned to Voltalia under the Spitalla plant underscores Albania's commitment to solar energy growth, establishing it as a critical IOA unit for solar PV investments (8, 21).
By the end of 2021, Albania had approximately 22 MW of solar photovoltaic capacity installed. Albania's geographic location offers substantial solar energy potential, with regions receiving annual solar radiation ranging from 1185 kWh/m2 to 1700 kWh/m2. On sunny days, each square meter of horizontal surface in these regions can capture around 2200 kWh per year (16, 32).
Albania’s technical potential for the deployment of solar PV is estimated at 2 378 MW, with production of 3 706 GWh annually (8).
Indicative Return
15% - 20%
For a 2 MW project with a Power Purchase Agreement (PPA) at EUR 100 (USD 107.76) per megawatt hour in 2019, the internal rate hovers around 15% to 17% (27).
Investment Timeframe
Medium Term (5–10 years)
As measured for a 217.28 kW PV plant, payback period for investments in utility scale solar plant projects can vary from 4.5 to 7.6 years depending on different scenarios (30).
Ticket Size
> USD 10 million
Market Risks & Scale Obstacles
Capital - Limited Investor Interest
Capital - CapEx Intensive
Business - Supply Chain Constraints
Impact Case
Sustainable Development Need
Albania's over-reliance on hydropower creates vulnerability to water scarcity risks. Moreover, hydropower can produce negative environmental externalities including degradation of water quality, increased risk of floods and disruption of natural ecosystems (1).
Despite Albania's high renewable energy potential, progress has been slow due to the lack of available funding and the presence of price caps on the energy market. Even though 100% of the population has access to electricity, energy use remains inefficient with high distribution losses and energy intensity, exceeding the EU average (3, 4, 5).
Albania's commits to decreasing greenhouse gas emissions by 20.9% from 2016 to 2030 based on its Nationally Determined Contributions (NDC). However many challenges remain including heavy reliance on forest-based emissions, limited renewable resource developments, and administrative constraints (3, 26).
Gender & Marginalisation
The lack of gender consideration in Albania's energy programs and policies, as highlighted by the European Commission's report, poses a significant challenge in addressing gender-specific issues within the energy sector (22).
Elderly individuals in Albania, where 318,000 people are over 65 years old, are particularly vulnerable to energy poverty, as heating costs can consume 13-29% of their pension income (22).
Expected Development Outcome
Investments in utility scale solar PV farms will enhance energy security and reduce emissions. Frequent power interruptions and high electricity prices, particularly in rural areas, will be mitigated, promoting responsible consumption and production.
Overcoming the challenges of limited funding availability through increased investments in solar PV farms will unlock Albania's considerable renewable energy potential, enhance energy efficiency, reduce distribution losses, and bring energy intensity levels closer to EU standards.
Transition to solar PV generation through utility-scale investments will contribute to climate action by curbing emissions and reducing reliance on fossil fuels, fostering regional cooperation, and aligning with SDG and NDC targets related to energy and water preservation.
Gender & Marginalisation
Promoting gender diversity in Albania's energy sector through enhanced utility-scale investments in solar energy will reduce the current 85% male and 16% female gender imbalance in employment, fostering a more inclusive workforce and broader skills pool (1).
Investments in utility-scale solar power generation that incorporate gender-inclusive energy policies will address disparities, combat energy poverty, and improve living conditions for the elderly and rural populations by reducing the high costs of heating and enhancing financial well-being.
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 (13).
Percentage of population with primary reliance on clean fuels and technology recorded as 37.55% in 2020 (41).
The target for the renewable energy share in the total final energy consumption in Albania is 54.4% by 2030, as outlined in the National Strategy for Development and European Integration 2022-2030 (6).
The long-term objective for this indicator is a value of 100 at a global scale (42).
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 2109 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, 24).
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 (19).
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Indirectly impacted stakeholders
People
Planet
Corporates
Outcome Risks
Utility-scale solar PV farms require significant land and may compete with other land uses, such as agriculture, grazing, or conservation, potentially leading to resource scarcity (28).
Utility-scale solar energy developments, due to their large land requirements, often result in habitat loss and fragmentation (28).
PV cells contain various toxic materials which can pose environmental and public health threats if not handled and disposed of properly at the end of their life cycle (29).
Gender inequality and/or marginalization risk: Gender integration efforts may fail to reduce gender inequalities in energy access, perpetuating existing disparities in access to clean energy (22).
Impact Risks
Distribution network challenges, limited grid capacity, and planning can negatively impact the delivery of impact associated with clean energy generation from solar PV farms, particularly affecting energy consumers and local communities (8).
Endurance risks may emerge if long-term commitment to grid improvements is lacking, emphasizing the importance of proactive risk management in solar power development (8).
Insufficient local workforce training and limited stakeholder communication pose risks, potentially hindering their successful integration within the renewable energy landscape (8).
The lack of adequate access and knowledge on operation and maintenance of renewable energy may result in choosing inefficient technologies and energy systems, limiting depth and duration of impact.
Gender inequality and/or marginalization risk: Limited gender-disaggregated data hinders informed impact assessment and decision-making in the energy sector (25).
Impact Classification
What
Promoting utility-scale solar PV farms seeks to bolster security, diminish emissions, tackle power-related challenges and soaring prices, align with NDC targets, and champion climate action.
Risk
Economic data limitations, insufficient workforce training, limited grid capacity, and changes in government policies and regulations can limit expected impact.
Contribution
Alongside Albania's renewable strategy, utility-scale solar farms boost energy self-sufficiency, stabilize the grid and reduce reliance on non-renewable sources.
Impact Thesis
Enhance the proportion of renewable energy sources in the domestic energy mix, concurrently lowering CO2 emissions stemming from energy production while promoting energy security and lowering utility prices.
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 (6).
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 (10).
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 (23).
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 (17).
Financial Environment
Financial incentives: The Renewable Energy Law provides financial incentives like Feed-in Tariffs, Power Purchase Agreements with Contract for Difference auctions for larger projects while introducing the concept of demonstration projects to showcase the application of innovative energy technologies (32, 37).
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 (37, 44).
Other incentives: Albania has secured a EUR 100 million policy loan from KfW and AFD for sector reform and electricity mix diversification towards renewable energies. The Albanian Power Exchange (ALPEX) was officially incorporated to carry out activities related to the creation, management and administration of the organised electricity market through the market platform, on a day-ahead basis (38, 45).
Regulatory Environment
Law no.24/2023, Promotion of Renewable Energy Use, April 2023: replaces Law no. 7/2017 , approximated with EU acquis aims to promote and incentivize the sustainable producing and the use of energy from renewable sources outlining support schemes including energy purchase agreement, contract for difference and premium contract, while setting the framework for self-producers of energy, operators, access to connection networks and guarantees of origin for electricity produced from renewable sources (33).
Law no. 125/2013 On Concessions and Public Private Partnership, April 2013 (amended 2019): abolishes the 2006 Law no. 9663 on Concessions, provides that changes in the ownership or the management of the Special Purpose Vehicle (SPV) are subject to the approval of the contracting authority and the Ministry of Finance, unless such changes are due to trading of shares in a regulated capital market (37).
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 (37, 43).
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 (45).
Marketplace Participants
Private Sector
Voltalia, KESH Gen Sh.A, OST Sh.A, Cez Shpërndarje Sh.A., Sineng Electric, Samasol, Sun Energy Solutions, Indian Power, Euroelektra, Mytilineos, Statkraft, Ocean Sun, Agna, Greennat Solar Park Ballsh.
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
Karavasta Project: In 2020, Voltalia secured a 30-year concession for a 140 MWp solar power plant through a competitive process supported by the EBRD. This partnership aims to enhance solar energy, attract private investments, and diversify energy sources (20, 36).
Target Locations
Albania: Fier
Albania: Durrës
Albania: Vlorë
References
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