The European Bank for Reconstruction and Development and Privredna Banka Zagreb provided 10.6 million euros each to Croatian renewable energy developer ENCRO for the financing of the construction of 30 MW solar power plants.
This is the EBRD’s first solar project in Croatia and its first project with the InvestEU program designed to support sustainable economic projects. EBRD provided the loan to three special purpose vehicles (SPVs) incorporated in Croatia for the purpose of constructing and operating three solar power plants. All SPVs are part of the ENCRO Group.
The electricity produced by the solar plants will be sold directly on the market but will also allow the client to enter into corporate power purchase agreements (PPAs) at the time of its choosing.
ENCRO’s Solis project consists of three solar power plants: Pelegrin, Donji Humac and Gradic, with the first two located on the island of Brac. This way, the project supports the energy transition plan developed under the European Commission’s initiative for clean energy for the EU islands, creating greater energy resilience at Brac. The third solar power plant, Gradic, will be built in Benkovac municipality in southern Croatia.