Intesa Sanpaolo finances Western Balkans’ largest solar power plant in Albania

Intesa Sanpaolo – through its subsidiaries Intesa Sanpaolo Bank Albania (ISBA) and Privredna banka Zagreb (PBZ) in Croatia – has participated in a €99 million project financing for the construction of the Karavasta Solar Project in Albania, led by the international renewable energy player Voltalia.

The 140MW photovoltaic facility in South-Western Albania will be the largest solar power plant in the Western Balkans.

The Karavasta Solar Project will support the Albanian Government’s green energy transition, significantly increasing the share of solar power generation and the diversification of local generation sources, which to date have been mostly hydro.

The €99 million syndicated loan was arranged by the EBRD (European Bank for Reconstruction and Development) with the support of the Intesa Sanpaolo Group and the World Bank’s IFC (International Finance Corporation).

With a €29 million ticket, Intesa Sanpaolo is the only commercial bank involved in the transaction and acts also as Administrative Agent, Payment Agent and Offshore Security Agent (PBZ), Onshore Security Agent and Account Bank (ISBA) and derivative counterparty.

As the first utility-scale photovoltaic plant in Albania, the Karavasta Solar Project is a landmark and will serve as a model in the Western Balkans region.