The European Bank for Reconstruction and Development (EBRD) has granted a loan of up to €31.6 million to Croatia‘s national energy company, Hrvatska Elektroprivreda d.d. (HEP).
The loan will be used to fund the construction and operation of the ‘Korlat’ photovoltaic power plant. With an installed capacity of up to 99 MW, this will be the largest solar plant in HEP’s renewable energy portfolio.
This project is a critical component of HEP’s decarbonisation strategy, which is expected to reduce CO2 emissions by around 28,899 tonnes annually.
‘Pivotal role of renewables’
“We are very proud to support HEP, Croatian national power utility, in advancing its renewable energy investments in Croatia,” commented Grzegorz Zielinski, head of energy Europe, EBRD. “This project, set to become the largest solar power plant in HEP’s renewable energy portfolio, underscores the pivotal role of renewables as a sustainable pathway for replacing fossil fuels.
“The Korlat solar power plant will contribute significantly to the country’s achievement of its renewable energy targets by 2030. With this investment, we reaffirm our commitment to supporting the country’s decarbonisation agenda.”
Hrvatska Elektroprivreda
Hrvatska Elektroprivreda d.d. (HEP) is a joint stock company established in Croatia and fully owned by the country’s government. Its core activities include the generation, transmission and distribution of electricity, the provision of district heating and gas distribution services throughout the country.
The EBRD, a key supporter of climate finance, has invested over €4.7 billion in Croatia through 252 projects, primarily targeting the green economy and energy transition. Read more here.
In August 2024, Croatia recorded the highest seasonally adjusted annual increase in construction production among EU countries, with a notable rise of 17.7%, according to Eurostat. Other countries that experienced significant growth in the construction sector include Bulgaria (5.5%), the Netherlands (2.5%), and Portugal (2.0%).
Compared with August 2023, production in construction decreased by 2.4% in the European Union as a whole and 2.5% in the euro area.
