EBRD Backs Croatia’s Largest Solar Power Plant with €32 Million Loan to Hrvatska Elektroprivreda

The EBRD extends a €32 million loan to Croatia’s HEP for the 100 MW Korlat solar plant, marking a significant step toward the nation’s renewable energy goals.

The European Bank for Reconstruction and Development (EBRD) has announced a significant step in Croatia’s renewable energy development by providing a €32 million ($34.6 million) loan to Hrvatska Elektroprivreda (HEP), the state-owned energy company. The funds will support the construction and operation of the Korlat solar power plant, which, with an estimated capacity of 100 MW, is set to become the largest solar facility in HEP’s renewable portfolio.

Key Boost to Croatia’s Renewable Energy Goals

The Korlat solar power plant represents an essential component of Croatia’s plan to increase its reliance on renewable energy sources. As part of HEP’s decarbonization efforts, the project is expected to significantly contribute toward Croatia’s ambitious renewable energy targets, with a 2030 goal for reducing fossil fuel reliance. This initiative aligns with Croatia’s broader commitment to sustainability and clean energy transition, reinforcing the country’s place in the green energy shift within the European Union.

EBRD’s Continued Commitment to Renewable Energy in Europe

EBRD’s Head of Energy Europe, Grzegorz Zielinski, expressed the institution's enthusiasm for the project, stating, “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 EBRD loan is not just a financial backing; it also represents a strong endorsement of HEP’s efforts to expand its renewable energy assets. This project demonstrates the increasing role of multilateral financial institutions like EBRD in aiding countries across Europe to move toward sustainable energy infrastructure.

Croatia’s Growing Renewable Energy Portfolio

HEP has been steadily growing its renewable energy portfolio, focusing on solar and wind power as alternatives to fossil fuels. Once completed, the Korlat solar plant will mark a milestone for Croatia in renewable energy generation, underscoring HEP’s commitment to clean energy and contributing substantially to the European Union’s broader goals for sustainability and carbon neutrality.