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Signature(s)

Amount
€ 63,000,000
Countries
Sector(s)
Croatia : € 63,000,000
Energy : € 63,000,000
Signature date(s)
27/12/2021 : € 63,000,000
Link to source

Summary sheet

Release date
3 January 2022
Status
Reference
Signed | 27/12/2021
20200471
Project name
Promoter - financial intermediary
HEP RENEWABLE ENERGY CROATIA
HRVATSKA ELEKTROPRIVREDA DD
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 63 million
EUR 85 million
Location
Sector(s)
  • Energy - Electricity, gas, steam and air conditioning supply
Description
Objectives

The project relates to the construction and operation of a number of renewable energy projects (onshore wind and solar photovoltaic (PV)) in Croatia.

The development of renewable energy supports EU and national targets for renewable energy generation and contributes to the Bank's renewable energy objectives. The project further contributes to the Bank's priority objectives for climate action.

Additionality and Impact

The EIB's investment in the project will support the deployment of new renewable energy capacity in Croatia, crucial for the achievement of the 2030 targets set out in the final National Energy and Climate Plan. The financing of this project also contributes to Bank's lending priority objectives on Energy (Renewable Energy) as well as on climate action (transversal) and economic and social cohesion (transversal).
In terms of addressing market failures, this portfolio of wind and solar PV projects produces electricity from low carbon sources and thereby addresses the market failure of negative environmental externalities, through the reduction of carbon and air pollution. Moreover, the projects provide new generation capacity in a sector characterised by incomplete markets (illiquid intra-day markets, limited forward markets / hedging), relying solely on wholesale market revenues without public support. The promoter stated that the projects will not participate in or benefit from any public support scheme in Croatia. They thereby contribute to the policy objective of supporting the market integration of renewable energy projects. The operation is expected to yield good quality and results, due to avoided GHG emissions, fair employment creation and adequate governance systems. The EIB's financial contribution stems from the Bank's capacity to provide long-term financing at favourable conditions which is substantially aligned with the long economic life of the assets to be financed.

Environmental aspects
Procurement

Permits are in place for all sites, following full environmental impact assessment (EIA) processes or have been screened out by the competent authorities, in line with relevant national legislation. Compliance with relevant EU Directives and EIB environmental and social (E&S) standards need to be confirmed during appraisal.

The Promoter has to ensure that any procurement procedures have been done in accordance with the relevant applicable EU public procurement rules as transposed into the national legislation. In particular, the Bank will require that calls for international tenders be published in the Official Journal of the EU, as necessary.

Link to source
Other links

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Impact Assessment (ESIA) - HEP RENEWABLE ENERGY CROATIA - STUDIJA O UTJECAJU NA OKOLIŠ VJETROELEKTRANA KORLAT - netehnički sažetak
Publication Date
5 Jan 2022
Document language
Main Topic
Lending
Document Number
135956367
Document Focus
Environmental Information
Project Number
20200471
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Data Sheet (ESDS) - HEP RENEWABLE ENERGY CROATIA
Publication Date
5 Jan 2022
Document language
Main Topic
Lending
Document Number
135958936
Document Focus
Environmental Information
Project Number
20200471
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - HEP RENEWABLE ENERGY CROATIA - STUDIJA O UTJECAJU NA OKOLIŠ VJETROELEKTRANA KORLAT
Publication Date
5 Jan 2022
Document language
Main Topic
Lending
Document Number
135958783
Document Focus
Environmental Information
Project Number
20200471
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Completion Sheet (ESCS) - HEP RENEWABLE ENERGY CROATIA
Publication Date
23 Feb 2024
Document language
Main Topic
Lending
Document Number
170446292
Document Focus
Environmental Information
Project Number
20200471
Sector(s)
Regions
Countries
Publicly available
Download now
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News & Stories

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General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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