The European Bank for Reconstruction and Development (EBRD) is extending a loan of nearly €32 million to support the development of a solar power project in Croatia.

The funding is being provided to Hrvatska Elektroprivreda (HEP), the country’s state-owned energy company, to finance the construction and operation of a solar power plant with an installed capacity of approximately 100MW. This initiative is a key step in HEP’s efforts to decarbonize its energy production.

Grzegorz Zielinski, EBRD’s Head of Energy Europe, expressed the bank’s commitment to advancing renewable energy in Croatia, saying, “We are proud to support HEP in expanding its renewable energy investments. This project, which will be the largest solar power plant in HEP’s renewable portfolio, highlights the crucial role of renewables as a sustainable alternative to fossil fuels.”

The Korlat solar power plant is set to play a significant role in helping Croatia achieve its renewable energy targets by 2030. “With this investment, we reaffirm our commitment to backing the country’s decarbonization efforts,” added Zielinski.

HEP, fully owned by the Republic of Croatia, is involved in the generation, transmission, and distribution of electricity, as well as providing district heating and gas distribution services nationwide.