Croatia: Financial construction for 47MEUR wind park Ogorje

, SEE Energy News

Austria’s Erste Group Bank AG and Erste & Steiermaerkische Bank, along with Split Bank and French Societe Generale Bank approved a long-term, 14-year long loan in the amount of 47 MEUR to the Croatian investment and development group SN Holding / FEH Investments Ltd. for the construction of a wind farm Ogorje near Split.

As reported from Erste Bank on Thursday, a project supported by Akuo Energy, a leading independent producer of renewable energy in France, as well as a local company that operates in the field of renewable energy, FEH Ulaganja with partners. The project was developed by Croatian investment and development group SN Holding / FEH

It is anticipated that the wind farm, 25 kilometers northeast of Split, consists of 14 Vestas wind turbines individual power of 3 megawatts (MW) and the total investment is worth more than 72 MEUR. Ogorje wind farm will produce 42 MW of sustainable electricity, enough to supply 27,000 households, and it is expected to be commissioned in late 2015th.

Denmark Export Credit Agency Export Kredit Fonden (EKF) approved guarantee for 80 percent of the amountfor funding this project. In addition, Erste Group Bank AG participates in the transaction and as facility and security agent, and Croatian Erste Bank provides VATfinancing and acts as a major transaction bank, state from the bank.

He added that Erste Bank has been supporting the infrastructure sector in Croatia and the region, and investments in renewable energy stand out as one of the main strategic bankguidelines.

“The cooperation of project teams in Paris, Zagreb, Copenhagen and Vienna resulted in securing a 14-year funding for this project and Erste Group and Erste & Steiermaerkische Bank approved 50 percent of the total credit line. The construction of the wind farm Ogorje, Akuo Energy and FEH will realize a significant investment in energy sector of the Republic of Croatia”, stand out from the Erste.

However from Split Bank say that this project “proves business policy of Societe Generale Group which is guided by the principles of sustainable development and the promotion and financing of such a project is of greater importance for the Croatian energy picture as a whole”.

“Approving 50 percent of the total credit line for this projectSplit Bank showed that funding for projects that have economic and social viability always find a way to investors”, concludes in the statement.