• EBRD loan up to €31.6 million to Hrvatska Elektroprivreda d.d. (HEP)
• Loan to finance the construction and operation of solar power plant “Korlat”
• The project to enable HEP’s decarbonisation plans

The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to €31.6 million to Hrvatska Elektroprivreda d.d. (HEP), Croatia‘s national energy company to finance the construction and operation of a solar power plant with installed capacity of up to 99 MW.

The project will  support HEP’s decarbonisation plans, with the projected reduction in CO2 emissions expected at around 28,899 tonnes per year.

Grzegorz Zielinski, EBRD Head of Energy Europe, said: “We are very proud to support HEP, Croatian national power utility, in advancing its renewable energy investments in Croatia. This project, set to become the largest solar power plant in HEP’s renewable energy portfolio, underscores the pivotal role of renewables as a sustainable pathway for replacing fossil fuels. The Korlat solar power plant will contribute significantly to the country’s achievement of its renewable energy targets by 2030. With this investment, we reaffirm our commitment to supporting the country’s decarbonisation agenda.”

Hrvatska Elektroprivreda d.d. (HEP) is a joint stock company established in Croatia and fully owned by the Republic of Croatia. The main activities of HEP include the generation, transmission and distribution of electricity, the provision of district heating and gas distribution services throughout the country.

The EBRD is a climate finance leader in its regions. In Croatia, it has invested more than €4.7 billion through 252 projects. Majority of the Bank’s finance there goes to the country’s green economy.