Page 73 - SE Outlook Regions 2022

meantime, however, Albania is suffering during the energy crisis as it
had to import power at high prices in the autumn.

Efforts to invest into other forms of renewables are already underway,
and Albania has particularly high potential for solar power generation.
Albania has “extensive” opportunities for solar energy, as well as
potential to produce wind and geothermal energy, said a 2021 new
report from the International Renewable Energy Agency (IRENA).

Commercial operation of Albania’s first floating solar power plant
started in June 2021. The plant was set up by renewable energy
company Statkraft, present in Albania since 2007, and Norway’s Ocean
Sun. It is located on the Banja reservoir, where Statkraft already
operates the 72-MW Banja hydropower plant. The first unit of the plant
has 1,536 solar panels and an installed capacity of 0.5 MWp. An
additional three floating units are planned, with a total capacity of 1.5
MWp. Also in June 2021, Albania launched its first tender for
utility-scale onshore wind power plants.

Albania is also looking to benefit from its location on the Trans-Adriatic
Pipeline (TAP) which will carry Azerbaijani gas across Southeast
Europe to Italy. The TAP Consortium, the Albanian Ministry of
Infrastructure and Energy and Albgaz signed a co-operation and
delivery agreement on the Fier South gas facility in July 2021. The new
gas exit point in Fier will a provide strategic access point for Albania
and the Western Balkans to gas reserves in the Caspian region.

Also in July, Excelerate Energy LP, Snam SpA and Albgaz Sh.a have
agreed to explore potential co-operation on the construction of a natural
gas pipeline from Albanian’s Vlora Terminal to other natural gas
infrastructure opportunities in Albania. The plan was announced after
Excelerate signed a separate memorandum of understanding with
ExxonMobil in March to carry out a feasibility study on the potential
development of a liquefied natural gas (LNG) project at the port of
Vlora.

3.1.5 Construction

Tirana and other parts of Albania are experiencing a construction boom.
This is party down to post-earthquake reconstruction efforts but it’s also
because real estate remains a convenient place to deposit money in
the country that lacks a developed capital market. The construction
sector has thus been one of the main drivers of the recovery, along with
consumption and tourism.

A number of major infrastructure projects are also underway or at the
planning stage. The government aims to encourage more tourists to
visit Albania with the construction of several new airports at cities
including Vlora and Saranda. Several ports are also being developed.
In the roads sector, Albania signed a memorandum of cooperation with
Bulgaria and North Macedonia on the construction of sustainable
infrastructure along the pan-European Corridor VIII in 2020. The
completion of Corridor VIII, which includes road, rail and port
infrastructure, will lead to better transport and economic connectivity

73 SE Outlook 2022 www.intellinews.com