Norwegian renewable energy giant, Statkraft, is acting on its plans to set up its first ever floating solar facility in Albania during 2019 and 2020, subject to regulatory approvals. Another Norwegian company, Ocean Sun, specializes in floating solar technology and will be responsible for providing Statkraft with a floating solar plant in a reservoir in the European country.
The Albanian solar park will be made up of four 0.5 megawatt (MW) units, Statkraft said in an announcement Tuesday. Investment in the project will amount to 2.3 million euros ($2.59 million).
Statkraft has a long standing strategy to grow renewable energy from hydro, solar and wind. According to the company’s CEO, the current solar park plan fits very well with this strategy. He is further hopeful that if the current plan works out well and cost-effectiveness is also reached, the company will think of establishing more floating solar in other Statkraft locations.
According to a 2018 report from the World Bank Group and the Solar Energy Research Institute of Singapore, worldwide capacity of floating solar had increased from 10 MW at the end of 2014 to 1.1 gigawatts (GW) by September 2018. It is further estimated that it has the potential to reach 400 GW worldwide, although no timeline is provided.