| Project Detail |
Up to EUR 22.5 million senior sovereign-guaranteed loan to Operatori i Shperndarjes se Energjise Elektrike (OSHEE, the Client, the Company), the state-owned electricity distribution and supply company in Albania. The loan proceeds will be used for investment purposes to finance the construction of the underground 110/20 kV substation in central Tirana. The original cost estimate for the substation of EUR 14.5 million, was based on a preliminary assessment. However, the final technical design, developed by a specialised external consultant, revealed an increase of ca. EUR 8 million. This increase was primarily attributable to inflationary pressures on raw material prices, enhanced project specifications, and the incorporation of final technical requirements. Up to EUR 22.5 million senior sovereign-guaranteed loan to Operatori i Shperndarjes se Energjise Elektrike (OSHEE, the Client, the Company), the state-owned electricity distribution and supply company in Albania. The loan proceeds will be used for investment purposes to finance the construction of the underground 110/20 kV substation in central Tirana. The original cost estimate for the substation of EUR 14.5 million, was based on a preliminary assessment. However, the final technical design, developed by a specialised external consultant, revealed an increase of ca. EUR 8 million. This increase was primarily attributable to inflationary pressures on raw material prices, enhanced project specifications, and the incorporation of final technical requirements. Project Objectives The project will enable OSHEE to replace an old electric substation, with a new and innovative underground substation. It will be the first underground substation to be implemented in Albania and the wider Western Balkans region. It will be the first digitally-operated substation of OSHEE. Full digitalisation is expected to improve operational efficiency, quality of supply and improve health and safety parameters. The project will incentivise OSHEE to accelerate transition to digital infrastructure and implement organisational programmes (including trainings) to support the swift implementation and transition to digital infrastructure. |
