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Albania, KfW Bank sign agreement on new power link with Macedonia

Xinhua, November 18, 2016 Adjust font size:

The Albanian Transmission System Operator (OST) and German KfW bank on Friday signed an agreement to finance a first-ever power link between Albania and Macedonia, the Albanian Ministry of Energy said.

The financing agreement for construction of the 400 kilovolts (kV) interconnection line amounts to 64 million euros (67.9 million U.S. dollars).

The link will enhance Albania's integration into the regional electricity grid and reinforce high voltage connections between the east and west of the country, closing an electricity ring with Greece, an official statement said.

On the other hand, Albanian authorities expect it to enable a direct swap of energy between two electricity systems.

A soft loan of 50 million euros is being provided by KfW in the framework of German-Albanian development cooperation, while a grant of 14 million euros is being allocated by the European Union in the framework of the Western Balkans Investments Instrument.

OST will finance 6 million euros from its budget, it was stated.

Work in the field is expected to start at the beginning of 2017 and finish in 2018. Endit