Vega Solar, Sainik Industries plan Albania batteries joint venture

Vega Solar, Sainik Industries plan Albania batteries joint venture

Vega Solar, Sainik Industries plan Albania batteries joint venture 1000 734 Energy Storage Journal

February 29, 2024: Albania’s Vega Solar Energy has unveiled plans to build a lithium ion battery manufacturing plant in the country in partnership with India’s Sainik Industries.

The companies confirmed on February 27 they had signed a memorandum of understanding for a joint venture project — including developing energy storage systems and inverters.

The agreement was signed in New Delhi on February 23, although details of the proposed partnership, including investment cost and construction timetable for the manufacturing plant, were not disclosed.

Sainik, established in 2005, produces a range of batteries and modules in India under its Getsun Power brand for the BESS, telecoms and solar markets.

Albania’s government said last March it was ushering in changes to laws to make it easier for renewable energy projects to be sited on agricultural land and other sites.

Prime minister Edi Rama said the government was receiving increasing requests from domestic and foreign investors to support development of renewable energy projects including wind, solar and hydro.