Albania - Blue Solar PV and BESS

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

An EBRD senior secured loan of up to €53 million to SPV Blue 2 shpk and SPV Blue 3 shpk (together, the Borrowers), for the construction and operation of approximately 160 MWp solar photovoltaic plant and a 60 MW co-located battery energy storage system (BESS). Once completed, the project is expected to be amongst the first utility-scale co-located solar PV and BESS projects in the region.

The project is expected to benefit from a first loss risk cover from the European Fund for Sustainable Development plus (EFSD+) Hi-Bar guarantee programme, which contributes to economies in the European Neighbourhood by supporting investments in renewables and energy transition.

Project ID 55970

Status Exploratory

Location

Albania

Industry Sector

Energy

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Edit Nito
enito@blessedinvestment.com
Themistokli Gërmenji Street Tirana, Albania

Project ID 55970

Status Exploratory

Location

Albania

Industry Sector

Energy

Notice Type

Private

Approval Date

17 Jun 2026

Disclosure date

14 May 2026

Project Description

Project Objectives

The project aims to increase Albania's installed renewable energy capacity through the development of large-scale solar PV and storage assets and contribute to climate mitigation. The project supports the diversification of the country's power generation mix, reducing reliance on hydropower and exposure to hydrological volatility. In addition, the project will foster greater private sector participation in the energy market and strengthen the resilience and flexibility of the power system through the introduction of BESS.

Transition Impact

ETI score: 76

ETI Score: 76; Green and Competitive

The Project supports Green Transition Impact quality by adding new renewable generation capacity. The introduction of BESS enhances system stability, accelerating penetration of intermittent RES capacities. The project also contributes to competition in the regional electricity market by introducing privately developed generation capacity operating under marketibased arrangements. The project is fully aligned with the EBRD Country Strategy for Albania, which supports the deployment of renewable investments, energy diversification and green transition.

Client Information

SPV BLUE 3

The Borrowers are two special purpose vehicles incorporated in Albania to carry out the project and are jointly owned by Blessed Investment shpk and Matrix Konstruksion shpk, domestic entities operating in the energy sector as well as construction, IT and infrastructure advisory services.

EBRD Finance Summary

EUR 42,572,000.00

Total Project Cost

EUR 105,000,000.00

Additionality

EBRD's additionality is derived from structuring limited-recourse project financing, supporting one of the first utility scale solar projects with storage component, enabling investment largely based on merchant arrangements and attracting commercial lender participation. EBRD also plays a key role in mitigating non-financial risks such as country, regulatory, macroeconomic risks, and in providing financing in a market with limited depth and liquidity for large-scale renewables.

Environmental and Social Summary

Category B (ESP 2024). The Project comprises the development of Blue Solar 2 and Blue Solar 3, two utility-scale solar photovoltaic plants located near Sheq-Marinas in Fier Municipality, Albania. The project includes Blue Solar 2 Phase 1 (64 MWp, operational), Blue Solar 2 Phase 2 (55 MWp, under construction) and Blue Solar 3 (43 MWp, preiconstruction), together with a 30 MW / 80.25 MWh BESS located within the existing Blue Solar 2 substation footprint and a 3.8 km, 220 kV overhead transmission line (OHTL) connecting the facilities to the national grid.

An external environmental and social due diligence (ESDD) was conducted, comprising a site visit, stakeholder consultations, and a gap analysis of the available ESIA package against the EBRD requirements and applicable EU and national standards. The ESDD was informed by the Blue Solar 2 and Blue Solar 3 ESIAs, issued in May 2023 and September 2025, respectively, and a January 2026 ESIA Addendum for the BESS. Under Albanian law, both projects were subject to a Preliminary Environmental Impact Assessment, which was completed and approved by the competent authorities, with no requirement for a full EIA. As part of an in-house IESE and subsequent independent ESDD, the Project was classified as Category B as the identified E&S impacts, including biodiversity and social risks, were assessed to be site-specific and capable of being readily identified and managed through standard mitigation and monitoring measures.

The ESDD confirmed that the ESIAs meet national requirements, broadly comply with EU and EBRD standards and provide an adequate assessment of E&S risks. However, gaps were identified in organisational capacity and management systems, including the absence of a fully ESP-compliant Environmental and Social Management System (ESMS) and insufficient qualified E&S staffing at SPV level to ensure consistent implementation across construction and operations. In relation to labour and working conditions, the project relies on EPC contractors and subcontractors, with labour-related risks being assessed and managed for projects of this nature and scale. Labour risks relate mainly to contractor management, occupational health and safety, and the consistent application of labour management procedures. While policies and framework documents are in place, further operationalisation is required and will be addressed in ESAP, including strengthening worker grievance mechanisms, costing and effective implementation of labour management procedures with clearly defined roles and responsibilities and training requirements, and integration of BESS-specific controls to manage site-specific hazards and address construction and operation phase temporary impacts.

The ESDD confirmed that environmental impacts are limited, temporary and largely confined to the construction phase, including dust, noise, waste generation and fuel consumption. During operation, impacts are minimal and relate primarily to panel cleaning, routine maintenance and end-of-life waste management. The inclusion of the BESS introduces additional requirements related to hazardous materials and battery-related waste streams, which will be incorporated into updated management procedures as part of the ESAP.

Health and safety risks are primarily associated with construction activities, traffic movements, electrical works and, following the addition of the BESS, battery-related fire and emergency scenarios. Community health and safety risks are assessed as low and consistent with those typically associated with utility-scale solar developments. While the ESIA Addendum confirms that the BESS does not introduce new significant impacts, it underlines the importance of strengthening emergency preparedness and contractor coordination, including engagement with local emergency services.

Land for the solar PV sites and associated transmission infrastructure has been secured primarily through voluntary negotiated transactions and municipal arrangements, and no physical displacement has been required. The BESS is located entirely within an existing substation area and does not require additional land acquisition. The ESDD identified the need to further document and formalise land acquisition processes, including completion of Land Acquisition and Livelihood Restoration Plans (LALRPs), vulnerability and gender screening, and provision of compensation at replacement cost and assistance as required to mitigate any economic displacement impacts on assets and use rights during implementation. Ongoing monitoring of additional land use needs or restrictions will be the sponsor and an IESC to ensure any potential new and additional risks and impacts are identified and appropriately mitigated. These actions will be undertaken in a proportionate manner through the ESAP to maintain compliance with ESR 5 requirements.

In terms of biodiversity impacts, the project has been assessed in light of its proximity to the Karavasta National Park and Karavasta IBA/KBA. Blue Solar 2 partially overlaps the IBA/KBA, although not within the core wetland areas, while Blue Solar 3 is located approximately 1.4 km away. Baseline studies and a Critical Habitat Assessment (CHA) have been completed and the ESIA indicates that no significant adverse impacts are expected, provided mitigation and monitoring measures are effectively implemented. Additional seasonal avifauna surveys, strengthened biodiversity monitoring, and implementation of OHTL bird collision mitigation measures will be undertaken as set out in the ESAP. Potential cumulative impacts, including in combination with other existing and planned renewable energy developments and associated transmission infrastructure in the wider area, have been considered within the ESIA and CHA, with particular attention to avifauna. The assessments indicate that cumulative risks, notably bird collision and disturbance, remain manageable with appropriate design, mitigation and monitoring. The existing biodiversity management system will be strengthened with an updated framework Biodiversity Management Plan and disclosed prior to signing. In addition, a project-specific Biodiversity Management Plan will be developed and implemented prior to construction to consolidate mitigation, monitoring and adaptive management measures in line with ESR 6 requirements.

Cultural heritage risks have been assessed in the ESIA and are considered low, with chance find procedures in place and no known heritage assets affected or predicted to be affected, subject to consistent application during construction. A Stakeholder Engagement Plan has been prepared and updated to cover Blue Solar 2, Blue Solar 3 and the BESS component. While the framework is in place, further strengthening is required to ensure a coherent and proactive approach to ensure an ongoing process of stakeholder analysis, meaningful consultations and engagement, as well as monitoring of grievance effectiveness and targeted consultation on BESS-related hazard and safety issues, which will be addressed through the ESAP.

Supply Chain Due Diligence has been conducted as part of the ESDD and included a review of the sponsor's corporate level supply chain management system and project-specific supply chain due diligence. Enhanced supply chain due diligence has been conducted for the solar components to be supplied for this project in accordance with the EBRD Management Approach for Solar Supply Chain Risk Management. The solar PV module supplier and BESS suppliers' production facilities and those of the supply chain are located across the People's Republic of China, and they have no operational facilities in Xinjiang. These suppliers have been responsive and engaging with the Bank on supply chain management issues and forced labour prevention efforts. In accordance with the agreed Management Approach, the sponsor will also provide regular reporting through a change control process and traceability verification documentation of approved module suppliers of PV panels to EBRD after or during manufacturing. A solar legal rider will form part of the EBRD loan agreement and will require solar suppliers to cascade the forced labour requirements to solar supplier contracts.

An Environmental and Social Action Plan (ESAP), together with a Non-Technical Summary (NTS) and an updated Stakeholder Engagement Plan (SEP), has been prepared and will be agreed with the client prior to board consideration. The ESAP provides the framework for structuring the project to achieve compliance with the Bank's ESRs and focuses, in a proportionate manner, on formalising the project's ESMP, contractor and supply-chain management, labour and occupational health and safety practices, biodiversity monitoring, and stakeholder engagement. Implementation of the ESAP will be incorporated into the legal documentation and subject to independent monitoring by a Lenders' Environmental and Social Advisor (LESA), with ongoing supervision and reporting to the Bank.

Green assessments

Paris Agreement Alignment: The Project has been assessed as consistent with the mitigation and adaptation goals of the Paris Agreement, based on the application of the EBRD's Paris alignment approach for directly financed investments
Green Finance Attribution: 100% of the EBRD's financing is classified as green finance, in line with EBRD's attribution methodology. The Project supports climate change mitigation through new installation of renewable energy generation and energy storage capacities.

Technical Cooperation and Grant Financing

Technical Cooperation supporting commercial feasibility, environmental, social and legal due diligence is funded through EFSD+programme. Additional Technical Cooperation will support the company's digital resilience in line with international best practice and funded under the Cybersecurity Resilience TC Programme (CRP).

Company Contact Information

Edit Nito
enito@blessedinvestment.com
Themistokli Gërmenji Street Tirana, Albania

PSD Last Updated

14 May 2026

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Albania - Blue Solar PV and BESS

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)