Albania

Map of Albania

Country Initiatives Details

Sustainable Energy Financing Business in Albania

Canada’s Total Contribution: $1,300,000

Targeted Countries: Albania

Funding Period: 2010/2011

Project Funded through a Canadian Facility: IFC - Canada Climate Change Program (CCCP)

Delivery Partner(s):

Description

The IFC-Canada Climate Change Program provided a credit line to a local financial intermediary to develop a new product line dedicated to energy efficiency and renewable energy financing in Albania. This is the first local bank in Albania to offer sustainable energy financing to corporate/small and medium-sized enterprise (SME) clients. In parallel, IFC Advisory Services are provided to the bank to build pipeline and capacity to execute energy efficiency and renewable energy loans.

Results/Expected Outcomes

With support from Canada, this project is expected to mobilize an additional $11.3 million in co-financing from public and private sources and lead to an estimated greenhouse gas emissions reduction of 600 metric tons of CO2 per year.* In addition, this project is expected to help establish a track record of successful climate friendly investments in Albania, reduce initial entrant market barriers and promote uptake of similar investments by other financial institutions. To date, the bank has approved funding to four small hydropower plants with a 4.4 megawatt (MW) combined capacity.
Co-Financing/Mobilized Finance (CAD$): $11,300,000
Estimated GHG (metric tons of CO₂) Reduction Associated with Project (per year)Disclaimer *: 600

Advisory Services: Solid Waste Sector in Albania

Canada’s Total Contribution: $125,000

Targeted Countries: Albania

Funding Period: 2010/2011

Project Funded through a Canadian Facility: IFC - Canada Climate Change Program (CCCP)

Delivery Partner(s):

Description

The IFC-Canada Climate Change Program financed advisory services to the Municipality of Tirana for the structuring and implementation of a public-private partnership (PPP) transaction for the purpose of managing municipal solid waste. The Municipality of Tirana, with more than 700,000 people, has a pressing need to introduce space-efficient waste disposal and possibly expand landfill capacity, which may be exhausted within a few short years. Advisory services to the municipality will consist of due diligence analysis of the project, assessment of investors’ interest, and structuring of the transaction. It will also include drafting, implementation and conclusion of the tender process.

Results/Expected Outcomes

The successful implementation of the project is expected to result in the mobilization of private sector investment, improved access to solid waste management services for the residents of Tirana, and improved environmental conditions through the landfill upgrade and improved waste management practices. This project is expected to mobilize an additional $510,000 in co-financing from other public and private sources and will lead to an estimated greenhouse gas emissions reduction of 339,600 metric tons of CO2 per year.*
Co-Financing/Mobilized Finance (CAD$): $510,000
Estimated GHG (metric tons of CO₂) Reduction Associated with Project (per year)Disclaimer *: 339,600
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