The European Bank for Reconstruction and Development (EBRD) is providing a €31.6 million (US$34.15 million) loan to Hrvatska Elektroprivreda (HEP), Croatia's national energy company, to finance the construction and operation of a solar power plant with installed capacity of up to 99 megawatts.

HEP is a joint stock company fully owned by the Republic of Croatia. Its main activities include the generation, transmission and distribution of electricity, as well as the provision of district heating and gas distribution services throughout the country.

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

 “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," says Grzegorz Zielinski, EBRD head of energy for Europe. "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 decarbonization agenda.”

In Croatia, the EBRD has invested more than €4.7 billion through 252 projects, the majority of which are aimed at developing the country’s green economy.