A new wind farm, financed by the International Finance Corporation (IFC), will be built near the Croatian southern coast city of Dubrovnik, Croatian News Agency reported on Wednesday.
The 34.2-megawatt wind farm located in coastal town of Slano, 32 km northwest of Dubrovnik, will boost Croatia's supply of wind-generated power 11 percent and help to reduce greenhouse gas emissions by more than 24 tons of CO2-equivalent each year, according to IFC, a member of the World Bank Group.
IFC would arrange 42.5 million Euros (54.7 million U.S. dollars) in financing for the farm, it said, adding IFC would provide 18.9 million Euros in loan and an additional 23.6 million Euros from UniCredit Bank Austria through a syndicated loan.
Thomas Lubeck, IFC Regional Manager for the Western Balkans, said the wind farm would make a significant contribution to Croatia's renewable energy production and improve electricity supply in the area around Dubrovnik.
RP Global, an independent power producer based in Vienna, will build and operate the wind farm.
This is the second wind project developed by RP Global in Croatia. In 2012, IFC also supported its 43.7-MW wind farm near Sibenik, southern coast city of Croatia, by providing 55 million Euros in financing.