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Albania picks group led by India Power for solar plant

Sat 10th November, 2018 2:00pm
By Benet Koleka
    Nov 10 (Reuters) - Albania's government picked a group led
by India Power  DPSC.NS  Corporation Ltd. to build the Adriatic
country's first solar power station worth 70 million euros
($79.34 million) with a capacity of 100 MW, the Energy Ministry
said on Saturday. 
    The offer by India Power, Mining Resources FZE based in the
United Arab Emirates and the Hong Kong-based Midami Ltd. was the
one out of three with the best combination of "technical and
financial credibility, price and additional capacity", it added.
    "This project will be an important step in diversifying
energy resources in Albania and lead the way in turning Albania
into a centre of solar power in the Balkans," said the ministry.
    The Socialist government of Prime Minister Edi Rama wants to
install 120 megawatts of solar and 70 MW of wind power capacity
by 2020, since more than 90 percent of Albania's power is
produced from rivers and a newly built power plant, beset by a
cooling problem, does not work. 
    Once the solar plant has been built in 18 months, it will
sell power to the local distributor at 59.9 Euro per MW for 15
years out of its 50 first MW. Energy from the other 50 MW will
be sold at market prices.*:nL5N1UU31X
    The ministry hailed the auction as a success because it
secures "one of the lowest energy prices in the region". The
price "is lower than the 63 Euro/MW in Greece and Turkey and
also below the average import price", it said.
    Albania believes the record of India Power, "a 100-year-old
company with a 1,500 MW capacity of thermal, wind and solar
power owned by the Kanoria Foundation Group" provided enough
assurance for the project.
    Now Albania and the group led by India Power will negotiate
the contract. If finalised, this would be the first major
investment by an Asian company to Albania since two Chinese
companies bought its crude extraction firm and an airport
concession from their respective Canadian and German owners
around two years ago.
    The ministry said the outcome of solar plant contract will
encourage them to hold similar auctions in other parts of the
sun-kissed country on the shores of the Adriatic Sea.
    ($1 = 0.8823 euros)

 (Reporting by Benet Koleka, 
Editing by Clelia Oziel)
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