Statkraft is to start construction in October of two new hydropower plants in Albania after reaching a decision on the €535 million investment.
The two plants will have a combined capacity of 243 MW and are part of a three-plant cascade in the valley of Devoll. The Norwegian firm is in the final stages of the tendering process for the main contracts for the first two plants, it said in a statement.
"The Devoll project is an important part of Statkraft's investments in international hydropower," said Øistein Andresen, Executive Vice President International Hydropower in Statkraft. "This construction project secures both renewable energy and development in Albania, and underpins our position as Europe's largest producer of renewable energy."
The Banjë and Moglicë hydropower plants will produce 700 GWh/year and will utilise a head of 555 m in the Devoll river, between 650 and 95 m above sea level. The investment decision for the third plant - which will add 35 MW of capacity to the site - will be considered when the first two plants are completed.