IFC invests €55 million in Danilo wind farm in Croatia

IFC invests €55 million in Danilo wind farm in Croatia

12:18 PM, 9th July 2012
IFC invests €55 million in Danilo wind farm in Croatia

ZAGREB, CROATIA: IFC, a member of the World Bank Group, is helping Croatia increase its supply of renewable energy by arranging up to €55 million in financing for a wind farm near the town of Sibenik. IFC will provide a €20 million loan to the local subsidiary of Austrian energy producer RP Global Holding to support the 43.7 megawatt facility. IFC mobilized an additional €35 million from UniCredit through a syndicated loan. The Danilo wind farm is expected to provide steady supply of power to homes and factories while helping combat climate change.

The project will see 19 2.3-MW turbines built in central Dalmatia, about 15 kilometre from the Adriatic Sea. It will boost Croatia’s supply of wind-generated power by 34 per cent. Construction is set to begin in the second half of 2012 with commercial operation scheduled for the end of 2013. The Danilo wind farm will be spread across three sites within several kilometre of each other. Nine turbines will be erected in Velika Glava, eight in Bubrig, and two in Crni Vrh. The total project cost is estimated at €84.3 million.

“The Danilo wind farm will make a significant contribution to Croatia’s renewable energy production and improve electricity supply to consumers and businesses. IFC’s support for renewable energy is an important part of our work to address climate change and improve access to infrastructure,” said Tomasz Telma, Director for Europe and Central Asia, IFC.

© WOC News

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