EBRD, PBZ Lend EUR 21 mln to Croatia's Encro for PV Plants

Green Energy

The European Bank for Reconstruction and Development (EBRD) and Croatian lender Privredna Banka Zagreb said on Friday they have lent EUR 10.6 million (USD 11.5 million) each to Croatian renewable developer Encro to finance the construction of 30 MW of new solar generation capacity in the country.

It is the EBRD's first solar photovoltaic (PV) project in Croatia, as well as the bank's first project with the European Commission-run InvestEU program designed to support sustainable economy projects, the bank said in a press release.

The electricity produced by the solar plants will be sold directly on the market but will also allow the client to enter into corporate power purchase agreements (PPAs) at the time of its choosing, the EBRD said. 

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