IFC arranges 38.8 mln euro in funding for Acciona wind farm in Croatia

The International Finance Corporation (IFC), part of the World Bank Group, said on Monday it is arranging up to 38.8 million euro ($50.5 million) in financing for a wind power plant (WPP) totaling 30 megawatts (MW) in the northwest of Croatia's Split-Dalmatia region that is owned by Spain's ACCIONA Energia.

The IFC will provide 15.4 million euro in loans to ACCIONA Energia and has mobilized an additional 23.4 million euro from UniCredit Bank through a syndicated loan, the international lender said in a statement.

“The Jelinak wind farm will make a significant contribution to Croatia’s renewable energy production and improve electricity supply for homes and business in the central coastal region of Croatia,” Tomasz Telma, IFC director for Europe and Central Asia, said. “IFC’s support for renewable energy is an important part of our work to address climate change and improve access to infrastructure.”

The Jelinak wind farm will increase Croatia’s wind energy capacity by 30 MW, 16% up from the current level of 180 MW. It will also help Croatia meet growing energy demand, diversify its energy provision and become less reliant on imports.

The Jelinak wind farm is expected to generate 63.8 gigawatt-hours per year, providing a reduction in greenhouse gas emissions of approximately 21,000 tonnes per year. The construction of the Jelinak wind farm began in 2012 with commercial operation scheduled for the summer of 2013.

Last year, the IFC arranged 55 million euro in financing for a 43.7 MW wind farm near the Croatian town of Sibenik.

ACCIONA Energia is a global renewable energy operator with more than 20 years of experience in renewables. It has installed 9,000 MW of electricity generation in 14 countries. The company has 213 wind farms, 80 hydroelectric power stations, and a number of solar thermal and photovoltaic plants that rank among the biggest in the world.

($=0.7669 euro)

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