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 award follows Albania’s conversion of development-bank support into implementation work.
Scope of Colenco’s implementation-support role
Colenco is set to assist with procurement, reporting and compliance with the environmental, social and financing requirements attached to the Belsh project. The appointment is described as modest in value. It also marks a shift from financing preparation toward physical implementation.
EBRD and EU funding package for Belsh
The European Bank for Reconstruction and Development (EBRD) is providing up to €30 million of project debt and €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.
Project operating profile and execution conditions
Belsh differs from Albania’s traditional hydro portfolio in its operating pattern. Solar production can preserve reservoir water during daylight hours, enabling KESH to retain more dispatchable hydroelectricity for evening demand or exports. This complementary profile becomes more valuable during droughts, when stored water has a higher opportunity cost.
The project’s investor relevance is linked primarily to its financing structure rather than its 50 MW scale. EBRD procurement and environmental conditions are expected to shape execution discipline, while the EU grant reduces the effective capital cost. Colenco’s cross-border appointment also points to a regional engineering and owner’s-consultant market rather than reliance on Western European advisers.
