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Climate loan to finance renewable projects
1 May 2009
German development bank Kreditanstalt fur Wiederaufbau (KfW) has awarded Croatian power company Hrvatska Elektroprivreda (HEP) a EUR 50 million loan for the financing of renewable energy and energy efficiency projects. Proceeds come from the International Climate Protection Initiative, a German government fund. Terms include a 4.5% interest rate and a five year delay before HEP must start paying the loan back over a 15 year repayment period. KfW also gave HEP a EUR 600,000 grant. The funds will be invested by two HEP subsidiaries: renewable energy company HEP-OIE, aiming for a 30% share of the Croatian renewable energy market, and energy efficiency company HEP-ESCO.
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