Invest in
renewable energy

The Green for Growth Fund (GGF) is providing project financing solutions for Albania’s first 100% privately funded renewable energy project. This promotes climate change mitigation and the transition to renewable energy. It also acts as a demonstration of what can be achieved without government subsidies.

Measurable Impact

108,000 MWh

Expected Power Generation per year
Equivalent to ~30,000 German homes

400,000 MWh

Expected CO2 emissions reductions annually
Equivalent to ~1300 cars taken off the road

Figures as of Q4 2023 | Figures modelled by Finance in Motion based on primary reporting and third-party data

Use of proceeds

The Green for Growth Fund’s debt investment will be used to fund the construction and operation of the 50MW solar plant in Topoje, Albania, which covers up to 75% of the associated costs. With the additional support of the Fund’s advisory and capacity building services, the project is being developed according to international best practices from environmental, social, and technical perspectives.

Purpose of the partnership between GGF and Matrix Konstruksion and Blessed Investments
The project partner, Matrix Konstruksion and co-investor, Blessed Investments, aimed to overcome a major challenge: funding a solar plant solely through private investments without any government subsidies. This project’s success would inspire more renewable energy projects in the region, promoting faster adoption of renewables without relying on government aid.

Impact of the partnership

This project seeks to reduce Albania’s reliance on fossil fuels by offering an alternative for electricity generation. Additionally, it aims to demonstrate that developing renewable energy projects in the region can be both feasible and profitable without government subsidies.

Support beyond the investment
GGF’s advisory and capacity building teams supported in augmenting the impact of the investment. They are also ensuring that the project is developed according to best international practices from environmental, social, and technical perspectives.

Public Recognition for an innovative financing model

This project finance investment was recognized with the 2023 IJGlobal’s “Market Pioneer Award” for innovative financing of the first fully privately financed solar park in Albania. This was achieved at a time of massive investment backlog due to the global energy crisis and Ukraine war.

Our partnership with GGF is a key milestone in the process of energy transition and renewable energy in the Western Balkans. Blue 1 is the first utility-scale project in the region without any kind of subsidy from the Government.

Impact Spotlight

Albania sources most of its domestic electricity from hydropower but, with climate change causing increasingly frequent droughts, the nation faces an urgent need to diversify its energy mix. Sitting in the lush landscape of Fier, an area with strong agricultural heritage, the 50MW Blue 1 solar plant is an important piece of the puzzle. This project is more than just a power plant; it represents a commitment to a more sustainable future, integrating with the environment of Fier and promoting a brighter future for Albania and beyond.
The SPV Blue 1 solar project is projected to generate over 108,000 MWh of clean energy annually and offset approximately 1,900 tonnes of CO2 emissions each year. As a zerosubsidy initiative, this solar plant sets a strong example for the region, demonstrating that renewable energy projects can thrive through private financing and effective planning.