EBRD Grants €12.2 Million Loan To Support Construction Of Novalja Solar PV Plant, Advancing Croatia’s Green Energy Transition

The European Bank for Reconstruction and Development (EBRD) has announced its support for Croatia’s green energy transition through a senior non-recourse project finance loan of up to €12.2 million to RP Global Novalja d.o.o., a subsidiary of RP Global. This financing will facilitate the development and construction of the 21 MW Novalja solar photovoltaic (PV) plant, marking a significant step forward in enhancing Croatia’s renewable energy capacity and advancing its climate goals.

Approved under the EBRD InvestEU Framework for Sustainable Transition, the project highlights the Bank’s ongoing commitment to accelerating renewable energy development across its regions. The financing is structured in two tranches — Tranche A of up to €7.2 million and Tranche B of up to €5 million — with the latter benefiting from an EU guarantee under the EBRD InvestEU Framework. This structure ensures a robust financial foundation for the project while reinforcing collaboration between the EBRD and the European Union to promote sustainable investment.

Once operational, the Novalja solar PV plant will add 21 MW of renewable generation capacity to Croatia’s national energy system. It is expected to contribute meaningfully to the country’s decarbonisation targets by reducing annual CO₂ emissions by approximately 6,400 tonnes. The project will also strengthen private-sector participation in Croatia’s clean energy sector, demonstrating the growing potential of independent renewable developers in driving the nation’s energy transformation.

RP Global Novalja d.o.o., incorporated in Croatia, is responsible for the development, construction, and operation of the project. The company’s parent organisation, RP Global, is an Austrian renewable energy developer with a strong international track record in building and managing wind, hydro, and solar assets.

Since establishing its presence in Croatia in 1993, the EBRD has committed more than €5 billion to 272 projects across the country. The Bank continues to focus on supporting economic reforms, leveraging Croatia’s European Union (EU) membership to foster sustainable growth, and promoting the commercialisation and restructuring of public-sector enterprises to strengthen the overall business environment.