KALO & ASSOCIATES Advised on a EUR 110 Million Syndicated Loan
October 2024
Our member KALO & ASSOCIATES has advised on a EUR 100 million syndicated loan, led by Raiffeisen Bank Albania, the proceeds of which will be used to strengthen Albania's renewable energy infrastructure through the construction of three new hydropower plants by Ayen As Energji Sha. The loan represents the largest syndicated loan financed by local banks operating in Albania.
KALO & ASSOCIATES's team was led by Aigest Milo, Co-Managing Partner, and also included Partners Olsi Coku and Oltjon Dano, Armando Toslluku, Special Counsel, and Frensis Nakuci, Senior Associate.
Wind Power Projects - Update
June 2023
In June 2021, the Ministry of Infrastructure and Energy (MIE) of the Republic of Albania has initiated a two-phase tender process for utility-scale, onshore wind power plants. The MIE has invited prospective bidders to identify and propose sites viable for the design, financing, construction, and operation of new onshore wind power plants under a request for qualifications. Participation in this tender process is restricted to projects with a minimum capacity of 10 MW and a maximum capacity of 75 MW. MIE will select projects totaling 100 MW that will receive support measures as described…
Three Expected Renewable Energy Projects
May 2023
In early 2023, the Ministry of Infrastructure and Energy (MIE) made a media notice that it aims to support Albania’s efforts to add an additional total 1 GW solar PV capacity of renewables by 300 MW through at least three envisaged Competitive Procedures, for bidder-selected sites. Renewable energy developers will identify and propose sites viable for the design, financing, construction, and operation of new solar PV power plants.
The first of this series of rounds will be for 300 MW of solar PV and was expected to be launched by June 2023 (not yet launched). Participation in the Competitive…
Wind Farms in Lezha, Northwest Albania
September 2022
Two new wind farms, named BPGE1 and BPGE2 (114 MW and 120 MW, respectively), are planned to be built by an Albanian-Italian consortium of “Biopower Green Energy” SHPK and "Marseglia Group" srl in the mountain ranges of Renc and Kakariq, parallel to the coastline in Shengjin and Balldren, Municipality of Lezha (Northwest Albania). The estimated investment value is EUR 244 million. The project was awarded a strategic investment status which gives to private investors access to administrative assistance and support programs, including the right to acquire for free state-owned land…
Durres Touristic Yachts and Marina ProjectPort
September 2022
Since 2020, the Albanian Government has announced its plan for the adoption/construction of a touristic Port in Durres. In a media release, the Prime Minister’s office announced that certain talks are being held with the company Symphony Invest Limited, part of the group of companies of Mr. Mohamed Alabbar, who is also managing the United Emirates’ based EMAAR Group. Initially, the Albanian Government stated that the project would be awarded under a competitive process. However, subsequently, the Albanian Government awarded the status of strategic investor to the company “Symphony…
Spitalla Photovoltaic of 100 MW
The Ministry of Infrastructure and Energy has launched an auction for the construction of a 100 MW photovoltaic park in the area of Spitalla.
Thermal Plant Reconstruction and Operation
April 2022
According to media news, in 2021, the Albanian Government signed a memorandum of understanding with the American company Exxon Mobile for the repair and commissioning of the Vlora thermal power plant. The agreement’s objectives are the introduction of liquefied gas in Albania, the conversion of the Vlora TPP to work with this gas and the construction of a new gasification terminal, to distribute small scale gas, thereby turning Vlora into a regional market. A pre-feasibility report was expected to be delivered in the third quarter of 2021, while the targeted start-up for the LNG Import…
BOYANOV & Co. and KALO & ASSOCIATES Advised on the Sale of One Telecommunications
March 2022
After having advised on the acquisition (including the acquisition financing) of One Telecommunications - the second-largest mobile operator in Albania, in 2019 from OTE / Deutsche Telekom and the refinancing of the original acquisition financing in 2021, at the end of 2021 and the beginning of 2022 BOYANOV & Co. and KALO & ASSOCIATES advised the sellers on the sale of One Telecommunications to the Hungarian IT service management company 4iG.
The transaction was successfully closed on 21 March 2022.
BOYANOV & Co.’s team was led by partner Damian Simeonov and included…
Construction of Llogara Tunnel
The Albanian Government has announced in June 2020 the construction of Llogara Tunnel.
Saranda International Airport
December 2021
The Albanian Government has announced its plan for the construction of a new Airport in the Southern city of Saranda. In 2021 two calls for bids were launched for the design, construction, operation, maintenance and transfer of Saranda International Airport (SIA). The investment shall be made through a concession/PPP contract of 35 years with a project estimated value of EUR 34,320,000 (VAT excluded).. The procedure was subsequently annulled due to missing offers. No further information is available.
Understanding Cryptocurrency And Distributed Ledger Technology in the Albanian Legal Context
October 2021
Blockchain represents one of the 21st century’s most impactful inventions. In addition to creating cryptocurrencies such as Bitcoin, this technology enables smart contract functionality and supports decentralised, secure, and private transactions. By design, blockchains enable decentralised functionality for many of today’s business applications and transform traditional centralised information systems. In a few chapters, KALO & ASSOCIATES will summarise the legal and regulatory developments of crypto and blockchain in Albania by explaining what they are, what they are not,…
Vlora Triport (Touristic, Cargo & Fishing Port)
In 2021, the Albanian Government awarded a 35 year (BOT) concession to a local consortium (“Marina Projects” ltd & “Brunes” sh. p.k. & “Ndregjoni” sh. p.k) for the construction and operation of a touristic port in Vlora, Albania (Marina Vlore). The investment value is in the range of EUR 23 million.
