EBRD supports a new solar plant in Croatia

The European Bank for Reconstruction and Development (EBRD) is providing a senior, non-recourse project finance loan of up to 12.2 million euros to RP Global Novalja for the construction of the 21 MW Novalja solar power plant in Croatia. The plant is expected to reduce CO₂ emissions by approximately 6,400 tonnes annually. The 14 million euro facility, whose construction began in May, will provide clean energy for 12,000 households.

The support was approved under the EBRD’s InvestEU Sustainable Transition Framework. It will be disbursed in two tranches: Tranche A of up to 7.2 million euros, and Tranche B of up to 5 million euros, the latter benefiting from an EU guarantee under the EBRD InvestEU framework.

Croatia-based RP Global Novalja, owned by RP Global, an Austrian renewable energy developer, aims to develop, construct and operate the Novalja solar power plant. Novalja is the first solar park RP Global is building in the country, following the construction of two wind parks.

Since opening in Croatia in 1993, the Bank has invested more than 5 billion euros in 272 projects across the country.