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This report provides a Sustainable Asset Valuation (SAVi) assessment of the Kalivaç and Poçem hydropower projects (HPPs) on the Vjosa River in Albania. It compares these projects against hypothetical solar PV and onshore wind alternatives, integrating environmental, social, and economic externalities into cost-benefit analyses (CBA), levelized cost of electricity (LCOE), and financial performance models. The assessment finds that the HPPs are uneconomic and socially costly compared to solar PV, primarily due to high dredging costs and significant losses in agriculture and tourism.