The European Bank for Reconstruction and Development (EBRD) has provided a loan of 43 million Euro to the Kunovac company, jointly owned by the Taaleri Energia SolarWind II and ENCRO Kunovac funds, for the construction and operation of two onshore wind farms in the Zadar region, the EBRD announced on Tuesday.
Zagrebačka banka and the Croatian bank for reconstruction and development will participate in the financing with a total loan amount of 126 million euros.
The total network capacity of the two power plants is 111 megawatts, which is enough to power 85,000 households.
It is the EBRD's first investment in wind farms in Croatia, which it says will enable Croatia to progress towards its 2030 environmental goals and commitments that foresee an increase in the share of wind and solar electricity generation from 14 percent in 2020 to 27 percent in 2030 and 45 percent by 2050.
Taaleri Energia, part of the Helsinki-listed Taaleri Group, deals with the development of renewable energy sources and fund management. The Taaleri SolarWind II fund is its fifth and latest private equity fund focused on renewable energy.
The EBRD has so far invested more than four billion euros in Croatia. Its focus is on supporting the competitiveness of the private sector, developing the capital market and promoting the commercialization of public companies.