The European Bank for Reconstruction and Development (EBRD) said that it is extending its 43 million euros loan to Croatian company Kunovac, a joint venture of Finish Taaleri Energia and local company ENCRO. The proceeds of the loan will be used to finance the construction of two wind farms.
The statement from the bank sais that this is its first investment in wind sector in Croatia, which will support the country’s first large-scale wind project developed outside the state subsidy scheme.
The two wind farms, located in Zadar municipality, will have a combined installed capacity of 111 MW, enough to cover the demand of some 85,000 households, also preventing the emission of some 78,000 tons of CO2 per year.
The EBRD’s loan will be complemented by two additional loans provided by Zagrebacka Banka and Croatian Bank for Reconstruction and Development (HBOR), to a combined financing package totaling 126 million euros.
This investment will also help Croatia reach its 2030 renewable energy targets, which envisage the increase in the share of electricity generation from wind and solar from 14 % in 2020 to 27 % in 2030 and 45 % by 2050.