Use a cell value in a address link

I wasn't actually sure what to title this issue. What I have is a summary worksheet with two columns. One column is for Project ID number and the other is an address link to a specific cell in the worksheet corresponding to the Project ID. Perhaps the best way to explain this is by giving an example:

Project ID (Column 1)
00-111

Balance (Column 2)
='C:\Financial Sheets\[00-111.xlsx]Phase_21'!$H$1

As you can see the spreadsheets are named after the Project ID number. What I would like to do, if possible, is instead of typing in the name of the spreadsheet for each project in column 2 (Balance), I could somehow reference the cell value in column 1 (Project ID). Something like this:

Project ID (Column 1)
00-111

Balance (Column 2)
='C:\Financial Sheets\["A2".xlsx]Phase_21'!$H$1

where A2 is the cell of the Project ID.

If this is a possibility, would the cell value change when I drag copy the cell (for example would it change from A2 to A3)?

Any advice is much appreciated.

Thanks in advance,

Jeremy