The European Bank for Reconstruction and Development (EBRD) has approved a loan of 12.2 million euros to the Austrian company RP Global for the development of its Novalja solar power project on the island of Pag. The loan is structured as a priority non-recourse financing facility, with all funding provided by the EBRD.
Construction of the solar plant, located at Zaglava near Novalja, began in May and is now approaching completion. The facility, which is expected to start generating electricity in December 2025, will have an installed capacity of 21 megawatts. The total investment amounts to 14 million euros and includes the installation of 35,776 solar panels.
Once operational, the plant will produce about 31,000 megawatt-hours of electricity per year, enough to meet the needs of around 12,000 households. The project secured a premium market tariff at the latest renewable energy auction, ensuring its long-term financial stability.
By generating clean energy, the Novalja solar power plant is expected to reduce carbon dioxide emissions by approximately 6,400 tons annually, supporting Croatia’s climate and energy transition objectives.
RP Global has already connected 77.9 megawatts of renewable capacity to Croatia’s power grid through two wind farm projects. The company is also advancing several additional wind and solar developments, further strengthening its position in Croatia’s growing renewable energy sector.
