Implementation-support contract for Belsh solar
Albanian state utility KESH awarded North Macedonia’s Colenco a €425,695 implementation-support contract on 29 July for the planned 50 MW Belsh solar project. The appointment supports the shift from financing preparation toward physical implementation. Colenco’s role covers procurement assistance, reporting, and compliance with environmental, social and financing requirements tied to the project.
Public financing and advisory package
The European Bank for Reconstruction and Development is providing as much as €30 million in project debt alongside €268,700 of technical assistance. The European Union is adding an €8.05 million investment grant and €1.2 million of technical-assistance funding. Taken together, the public financing and advisory package approaches €39.5 million before any KESH equity contribution.
Solar operating profile alongside hydro assets
Belsh differs from Albania’s traditional hydro portfolio in how generation interacts with reservoir operations. Solar output during daylight hours can preserve reservoir water for later use by KESH. That leaves more dispatchable hydroelectricity available for evening demand or exports. During droughts, the opportunity cost of stored water increases, making that complementary profile more relevant to operations.
Execution focus linked to financing conditions
The project’s investor relevance is tied primarily to its financing structure rather than its 50 MW scale. EBRD procurement and environmental conditions are intended to strengthen execution discipline under the project framework. The EU grant is described as reducing the effective capital cost relative to a structure without such support. Colenco’s cross-border appointment also reflects development of a regional engineering and owner’s-consultant market rather than reliance on Western European advisers.
