IFC finances 34MW Croatian project

CROATIA: The International Finance Corporation (IFC) has arranged up to EUR 42.5 million in financing for a 34MW wind project in Croatia.

The project will be built near the town of Slano
The project will be built near the town of Slano

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The World Bank affiliate will itself provide EUR 18.9 million to independent power producer RP Global for the construction of the Rudine wind development near the coastal town of Slano, 32 kilometres north west of Dubrovnik.

The remaining EUR 23.6 million will come from UniCredit Bank Austria through a syndicated loan arranged by the IFC.

RP Global said that the project has been delayed by a lack of finance due to the "tough legal framework" in the country and that it has only been possible to go ahead with the development due to the intervention of the IFC.

The total cost of the project is estimated by the developer to be around EUR 53 million. In 2012, the IFC also supported RP Global's first facility in Croatia, the 43.7MW Danilo wind farm by providing EUR 55 million in financing.

Croatia has an installed wind capacity of 227MW, with 86MW coming online last year. As a member of the EU, the country must comply with binding renewable-energy targets. But a ban on the construction of wind projects along much of the coastline has hindered progress.

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