World Bank loans on offer from GEF fund for commercial wind projects
1 June 2008
Wind developers in Croatia are being invited to bid for grants of up to $150,000 per project being distributed by the Croatian Bank for Reconstruction and Development from a total fund of $450,000. The fund is backed by the World Bank's Global Environment Facility (GEF). The money will be provided as a loan at an interest rate of 4% a year, which must be used within two years. It is intended to help developers with the cost of early stage development, such as site or environmental impact studies, or license applications. The money is just a small proportion of GEF's $5.5 million in support for Croatia's Renewable Energy Resources Project. The money is for helping the Croatian government develop a policy framework, provide training, establish energy centres, and set up financing vehicles for renewable energy development.
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