Investment and Financing
EuroEnergy invests 150M€ on Croatian wind power project
Having concluded a deal of major importance, EuroEnergy is pleased to announce its expansion in Croatia, by developing a wind power project of 114 MW capacity.
The total cost for the project's development and construction is over 150Μ€. A subsidiary of Libra Group, the European RES company expands its operations with one more EU state, following Greece and Romania, significantly increasing its capacity, whilst strengthening its role as one of the pioneers in the development of RES in the broader Southeastern European region.
The wind park will be located in the Udbina Municipality of Lika-Senj, Croatia's largest County. The strategic investment not only increases the company's total power capacity, but also decisively contributes to enhancing the role of RES in Croatia, thus accelerating the energy transition of one more European country.
With a potential capacity extension of 70.5 MW, EuroEnergy's wind park is set to be the first of such scale in Croatia since the latter's Eurozone membership ratification as of January 1st 2023. Considering RRF's up to 218 million € funding for the electricity grid transformation, the project could potentially upgrade the energy map of both Croatia and other neighboring countries.
In the meantime, the specific project is considered highly beneficial for local stakeholders, as EuroEnergy is planning to establish an office in Croatia, hire local personnel and contract local companies for the development and construction of the wind park.
Highly experienced in operating RES projects, EuroEnergy plans to use leading edge technology to supervise, construct and operate the project confirming its role as a significant and innovative player in the RES and green energy European market.
"We are proud to expand our portfolio into the Republic of Croatia, a market with enormous potential and a growing domestic renewable energy sector," said EuroEnergy Chief Executive Officer, Fanis Mermigkousis. "We are committed to ensuring the local communities are integrated throughout the process. Our work is helping ensure that Southern and Eastern Europe are part of the renewable energy transition, and we will continue to explore new geographies that advance the sector."
"Our Group is dedicated to responsible innovation and growth, and we are proud to see EuroEnergy invest in Croatia's energy future as it becomes part of the green transition," said Antonis Menegas, Executive Vice President of Energy for Libra Group. "Across our global ecosystem, we are leveraging the insights of our network to build economies of scale. We look forward to following EuroEnergy's progress as our Group continues to advance a pan-European renewable energy platform."
Boris Katić, one of the three owners and original developer of this project, further commented: "We are pleased to welcome EuroEnergy and their team as a strong and experienced partner in the project. This wind project will provide a significant contribution to the sustainable development of this rural area through creating highly-skilled employment, improving the environment for local businesses and strengthening the regional road and power infrastructure. Located in the triangle between the three National Parks Plitvice, Paklenica and North Velebit, the wind farm is a welcome contributor to supporting and promoting the local communities in this remote region."
©EuroEnergy Investments Corporation 2023 - all rights reserved. A Libra Group company.
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