This study explores the feasibility of installing a 50 MWp floating photovoltaic (FPV) plant in the reservoir of the Vau i Dejës hydropower plant in northern Albania and its potential hybridization with hydropower generation. The reservoir, with a surface area of about 25 km2, provides sufficient space for large-scale FPV deployment. Simulation results using PVsyst with Solargis meteorological data show that the FPV system could generate around 73 GWh annually, corresponding to a specific yield of 1,461 kWh/kWp·year and a capacity factor of 16.7%. When combined with the hydropower plant’s 950 GWh annual output, the hybrid system would achieve approximately 1.02 TWh/year, with FPV providing an average 7.7% additional energy. Seasonal complementarity is significant: FPV peaks in summer when hydropower output is lower, contributing up to 16% of HPP generation. Economic analysis, following IRENA/IEA guidelines, indicates an LCOE between €68–95/MWh. With CAPEX of €1.0/W and O&M of €22/kW·year, the LCOE is ~€79/MWh. At €90/MWh, the project achieves an IRR of ~9% and a positive NPV, making it bankable. These findings suggest that FPV–HPP hybridization is a technically feasible and economically attractive model for enhancing renewable generation and energy security in Albania and the wider region.