The International Finance Corporation (IFC) said on Wednesday it is arranging up
to 42.5 million euro ($55.1 million) in financing for RP Global's 34.2 megawatt
(MW) Rudine wind farm project in Croatia.
The IFC will provide a 18.9
million euro loan to the local project company, which is majority owned by RP
Global Holding, and it mobilized an additional 23.6 million euro from UniCredit
Bank Austria through a syndicated loan, the international lender said in a
statement.
The Rudine wind farm will supply power to thousands of homes
and businesses and help combat climate change by reducing greenhouse gas
emissions by more than 24 tonnes of CO2-equivalent each year.
The total
project cost is estimated at 53 million euro. The wind farm will boost Croatia’s
supply of wind-generated power by 11%, reduce the country’s dependence on
imports, and help it meet its European Union energy targets.
This is the
second wind project developed by RP Global in Croatia. In 2012, IFC also
supported RP Global's first facility – the 43.7 MW Danilo wind farm, near
Sibenik – by providing 55 million euro in financing.
Wind has the biggest
share in Croatia's installed renewable energy generation capacity with 297.3 MW
as of September 1, data of the country's energy market operator, HROTE,
showed.