Croatian renewable energy gets €123 million boost
By Helen Wright28 November 2011
The European Bank for Reconstruction & Development (EBRD) has lent €123.2 million to Croatian state-owned facility Hrvatska Elektroprivreda to support construction of a new hydropower plant.
Based near Dubrovnik, Croatia, the Ombla hydropower plant will have a generation capacity of 68MW. But the EBRD said the loan would not be disbursed until a biodiversity management plan had been agreed with Hrvatska Elektroprivreda after "environmental challenges" were raised during the due diligence process and public consultation.
Nandita Parshad, EBRD director for power and energy utilities, said, "While recognising the technical and environmental challenges the project entails, we also believe the project is important to develop further Croatia's renewable energy generation capacity, while also having significant benefits for the people of Dubrovnik. We are committed to ensuring the project is implemented in line with our agreed environmental and social action plan."