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Karavastaja is "handed over" to the banks, the loan is bigger than the project

Politiko 2023-11-17 18:21:04

Karavastaja is "handed over" to the banks, the loan is bigger than the

The largest photovoltaic plant in the country, already completed by the investor Karavasta Solar, part of Voltalia, has requested from the Energy Regulatory Entity (ERE) the authorization for the transfer of its assets through the placement of insurance liens to the banks to which it has received loan

This is a normal procedure that often happens with projects of different sectors, including energy. It is about the banks where earlier the investor provided millions of euros for the construction.

"With the letter recorded in ERE with no. 2305 prot., date 17.10.2023 the company "KARAVASTA SOLAR" sh.pk (as the borrowing party) submitted the request for obtaining the authorization from ERE for the transfer (through the placement of the insurance lien and mortgage) respectively of the assets of this company in the Solar Project of Karavasta of 140MW, to the lending party (consisting of the European Bank for Reconstruction and Development (EBRD), the International Financial Corporation (IFC), Intesa SanPaolo Bank Albania sh.a. and Privredna Banka Zagreb – Dionicko Drustvo), where the company Intesa SanPaolo Bank Albania sha acts as Agent of the means of execution" is stated in the ERE document. Earlier, Karavasta Solar received the power production license from the photovoltaic plant from this entity.

ERE has approved the initiation of the examination of this request of the company, but has requested that information be made available on the expected effects of this procedure, while it has also requested that information be provided as to why the company received a larger loan than it that he needed for the implementation of the project that he has after winning the auction of the Ministry of Infrastructure and Energy.

"Following on, the company will be asked to inform the reasons for receiving a loan with a larger value than the project development contract with MIE. From the assessment of the assets in the lists forwarded to ERE, it results that not all the assets cited as part of Appendix A are fixed assets, so it is necessary to correct the lists with the company "KARAVASTA SOLAR" sh.pk" underlines ERE as it announced about the initiation of the procedure on the request of the company.

In December last year, the European Bank for Reconstruction and Development approved a 28 million euro financing related to the Karavasta photovoltaic plant project. This amount constitutes only a part of the total costs that were calculated to cost the Karavasta plant, which is approximately estimated at 125 million euros. Voltalia won the auction announced by the Albanian government for a photovoltaic plant in Karavasta where it gave a price of 24.89 euros/MWh.

According to the agreement, Karavasta Park will sell 50% of the electricity to the Albanian public operator through a 15-year sales contract, while the rest will be sold with long-term contracts to private operators. In March 2021, the same company also won the auction for a photovoltaic plant in Spitalle at a price of 29.89 euros/MWH.

Unlike Karavastaja, the Spitalla plant has been silent and there have been no developments. It is projected to have an installed capacity of 100 MWp of which 70 MW will be purchased from the Electricity Distribution Operator through a power purchase contract at a predetermined price and 30 MW will be traded on the free market. N. Maho

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