Norwegian power producer Statkraft AS contracted with developer Ocean Sun AS to deliver a floating solar project with a capacity of up 2 MW at the Banja reservoir in Albania.

The agreement is the first major commercial contract for Ocean Sun's floating solar technology, according to a March 12 news release.

With a total investment of about €2.3 million, the project will comprise four 0.5-MW units. It is expected to be built in 2019 and 2020, subject to certain regulatory approvals.

"If the technology is proven successful and the potential for cost-competitiveness can be achieved, a wider application of floating solar may take place in other Statkraft locations," Statkraft CEO Christian Rynning-Tønnesen said.