For the construction and future operation of the “Korlat” solar power plant in Croatia, the European Bank for Reconstruction and Development (EBRD) has approved a loan of up to 31.6 million euros to Hrvatska Elektroprivreda d.d. (HEP). The planned solar power plant, with an installed capacity that can reach up to 99 MW, will significantly contribute to HEP’s decarbonization strategy. The project is expected to reduce CO2 emissions by approximately 28,899 tons annually, improving environmental quality and decreasing dependency on fossil fuels.
As highlighted by Grzegorz Zielinski, EBRD’s Director for Energy for Europe, this project will be the largest solar power plant in HEP’s renewable energy portfolio. The “Korlat” power plant plays a pivotal role in showcasing renewable energy as a sustainable solution to replace fossil fuels, driving the country’s energy transition towards cleaner energy sources. The project also supports Croatia’s ambitious renewable energy targets for 2030.
To date, the EBRD has made substantial investments in Croatia, channeling more than 4.7 euros billion through 252 projects. A significant portion of the institution’s financing is directed towards the development of a green economy.
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According to OIE Croatia, solar capacities saw the most significant growth among all renewable energy technologies in 2023, reflecting the country’s increasing interest in solar energy. If this positive trend continues, estimates suggest that Croatia’s total solar capacity could reach around 969 MW by January 2025.
Projects such as the “Korlat” power plant are of particular importance to Croatia, especially considering that the country imported substantial amounts of electricity this summer to meet demand. This situation underscores the urgent need to accelerate the development and implementation of domestic renewable energy capacities to reduce reliance on imports.
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