Croatia’s HEP secures EBRD loan for 99-MW solar project

Croatian state-owned power utility Hrvatska Elektroprivreda (HEP) has obtained a loan of up to EUR 31.6 million (USD 34.1m) to back the construction and operation of a 99-MW solar park in its home country.

The debt facility was extended by the European Bank for Reconstruction and Development (EBRD), the latter said on Wednesday.

In addition to EBRD’s financing, which was approved by the lender in September, HEP will receive additional funding of up to EUR 30.4 million through a parallel facility from the European Investment Bank (EIB).

The Korlat photovoltaic (PV) farm is expected to have an annual electricity output of around 117,050 MWh, which will offset almost 29,000 tonnes of carbon dioxide emissions. Its export capacity to the grid will be limited at 75 MW.

The project will be realised in line with HEP’s decarbonisation strategy and efforts to diversify its power mix, while also supporting Croatia goal to lift the share of renewables in gross final energy consumption to 36.4% by 2030.

As of January, HEP had an installed power generation capacity of 3,451 MW, of which 60% coming from hydropower. The share of renewables in the company’s power mix stands at less than 3%.

(EUR 1.0 = USD 1.078)

Choose your newsletter by Renewables Now. Join for free!