Favina Company was founded in 1995 by the Qylafi brothers, Viktor and Adnan. They had worked abroad after 1991 and saved enough money to invest in the purchase of the only quarry in the city of Korce. During this period they saw rapid expansion of their business as the country was developing, expanding their fleet of trucks and excavation machinery as well as adding a second quarry to their portfolio, the Golloberde Quarry. Shortly thereafter followed an investment into a concrete batching plant with a production capacity of 100 m3/hour and with a concrete reclaimer. These investments made Favina Ltd the main partner for residential and infrastructure projects in the south-east region of Albania.

With construction materials in its portfolio, the next logical step for Favina Ltd was to enter the construction industry itself. In 2003, the first residential building by Favina was completed in the heart of the city of Korce. This spawned several other residential projects, culminating in the Favina Residential Block made up of six multi-story buildings with over 500 apartments.

In 2004, Favina Group was formed when the sister company, Favina 1 Ltd was created after the purchase of the first Albanian hydroelectric power plant, HPP Vithkuq. This was the first step into the renewable energy market, which is now the main activity of Favina Group. Throughout the years the energy production capacity was increased by acquiring several concessions of various hydro plants. These investments were realised in partnership with the renowned German company, Voith. As of now, Favina Group has an annual power production of 40,000,000 kWh. In 2019, Favina became a minority stakeholder into the Seman 1 Solar company, one of the first photovoltaic plants constructed in Albania with the cooperation of Voltalia SA, one of the most renowned European companies in the renewable energy sector.