RP Global gets EUR 12.2 million loan for Novalja solar project
RP Global has secured a EUR 12.2 million loan to build its Novalja solar power plant in Croatia.
In late April, Austrian company RP Global began the construction of the Novalja photovoltaic plant at the Zaglava site on the island of Pag.
The European Bank for Reconstruction and Development (EBRD) said it approved a senior non-recourse project finance loan of up to EUR 12.2 million to RP Global Novalja d.o.o., owned by RP Global Energy GmbH, for the development and construction of the 21 MW Novalja PV plant in Croatia.
The project has been approved under the EBRD InvestEU Framework for Sustainable Transition.
The loan is divided into two tranches
The loan is split into two tranches: one amounting to a maximum of EUR 7.2 million, and the second of up to EUR 5 million, benefiting from a 20% first loss coverage under the EBRD InvestEU Framework for Sustainable Transition, the bank’s decision reads.
The total project cost is estimated at EUR 16.3 million.
The endeavor includes the installation of 35,776 photovoltaic panels. The expected annual electricity production is around 31,000 MWh, enough to supply about 12,000 households.
According to the EBRD, the project supports innovative offtake arrangements. It will combine a national renewables support with a merchant exposure in later years.
RP Global won premiums for its project at auctions
Last July, the Croatian Energy Market Operator (HROTE) awarded premiums for solar and hydropower plants with a total capacity of 420 MW. RP Global’s Novalja was among them, with 15 MW.
Back in 2022, the company said it intended to build wind farms and solar parks of 500 MW overall in Croatia over the next five years.
RP Global has completed two renewable energy projects in Croatia: the Danilo wind farm near Šibenik and the Rudine wind park near Dubrovnik.
Of note, the island town of Novalja could become one of the first in Croatia to begin the production of green hydrogen, and a rare example in the region. A project was launched in May.
