Taaleri JV in Croatia obtains EUR 126m in loans for wind projects

A Finnish-Croatian joint venture has secured a debt financing package of EUR 126 million (USD 128.5m) to build two zero-subsidy wind farms in Croatia’s Zadar region with a combined capacity of 111 MW.

The European Bank for Reconstruction and Development (EBRD) said today it is extending a EUR-43-million loan to Kunovac d.o.o., an entity that is jointly owned by Taaleri Energia’s SolarWind II Funds and Encro Kunovac d.o.o. The balance of the total funding package will be contributed by Zagrebacka Banka d.d. and the Croatian Bank for Reconstruction and Development.

EBRD noted that this is its maiden wind farm investment in Croatia. The nation aims to raise its wind and solar power share to a combined 27% in 2030 from 14% in 2020, while its 2050 goal is set at 45%.

Just the investment in these two wind projects is estimated to increase Croatia’s current electricity generation from non-hydro renewables by around 10%. More specifically, the two wind parks in Zadar will be able to produce enough electricity to supply some 85,000 homes, according to EBRD’s announcement.

(EUR 1 = USD 1.020)

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