Loan agreements signed for 99 MW Solar farm in Croatia

Hrvatska elektroprivreda has concluded agreements with the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) on financing the construction of the 99 MW Korlat Solar Power Plant in Croatia.

The total value of both loan agreements is EUR 62 million (US$67 million), of which EUR 31.62 million (US$34 million) is the EBRD loan, and EUR 30.38 million (US$32.8 million) is the EIB loan. The loans are secured by a state guarantee covering 80% of the total value. The connected capacity will be 75 MW. The expected annual generation of SPP Korlat totaling 165 million kWh (kilowatt hours) of green electricity will be sufficient for the supply of around 50,000 households.

In addition to the existing wind farm at a location near the village of Korlat, about 7 km from Benkovac, which has been in operation since 2021, SPP Korlat will form a renewable hybrid energy park. The SPP Korlat project includes the construction of a solar power plant on an area of ​​about 150 ha, the infrastructure for the connection to the 110 kV transmission network, and the ancillary facility for storage and management of the energy park. Construction work on SPP Korlat is expected to begin in Q1 of 2025, and the power plant could be put into operation during 2026.