Renewables developer CWP Europe and GE Vernova’s Onshore Wind business have teamed up to develop a massive wind and solar hybrid project in Albania, worth more than EUR 1 billion (USD 1.05bn), the two announced on Thursday.
Under a project partnership agreement, the parties will work to deliver a hybrid renewable power plant expected to generate enough electricity a year to cover around 75% of the consumption of all Albanian households.
According to the announcement, “the project has the potential to elevate Albania to the status of a net exporter of electricity, significantly enhancing regional energy security.”
The initiative appears to be at an early stage, with the developers yet to obtain all necessary project permits and conduct an environmental and social impact assessment.
Stephen Swift, chief commercial officer, GE Vernova Onshore Wind, noted that GE and CWP have partnered on the development of several GWs worth of projects around the world.
Earlier this year, a CWP Europe executive told Renewables Now in an interview that the company recognises an opportunity in the Southeast Europe market’s lack of maturity.
(EUR 1.0 = USD 1.054)