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Zagreb, Croatia/ Vienna, Austria, September 17, 2014 – IFC, a member
of the World Bank Group, and Independent Power Producer RP Global are joining
forces to build a powerful wind farm near Dubrovnik and expand Croatia’s
renewable energy production.
IFC is arranging up to €42.5 million in financing for the Rudine wind
farm, which RP Global will build and operate in the coastal town of Slano,
some 32 kilometers northwest of Dubrovnik.
The 34.2-megawatt farm will supply power to thousands of homes and businesses
and help combat climate change by reducing greenhouse gas emissions by
more than 24,000 tons of CO2-equivalent each year.
“The tough legal framework notwithstanding, we meet the highest environmental
standards and – thanks to the ongoing support of IFC and our suppliers
– we are finally starting implementation on this project, which has the
perfect location for the efficient use of wind as an energy resource,”
said Bojan Rescec, Country Manager of RP Global in Croatia.
IFC will provide a €18.9 million loan to the local project company, which
is majority owned by RP Global Holding. IFC mobilized an additional €23.6
million from UniCredit Bank Austria through a syndicated loan. UniCredit
has actively participated in structuring the financing and continues to
support the project with other banking products.
The total project cost is estimated at €53 million. The farm will boost
Croatia’s supply of wind-generated power 11 percent, reduce the country’s
dependence on imports, and help it meet its European Union energy targets.
“The Rudine wind farm will make a significant contribution to Croatia’s
renewable energy production and improve electricity supply in the area
around Dubrovnik, one of the key tourist regions in the country,” said
Thomas Lubeck, IFC Regional Manager for the Western Balkans. “IFC’s support
for renewable energy is an important part of our work to address climate
change and improve access to infrastructure.”
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 in financing.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.
About RP Global Group
RP Global is an independent power producer with over 25 years of experience
in the renewable energy sector. As a developer, investor and operator,
RP Global’s focus lies on hydro and wind energy projects. More than 35
power plants, both wind and hydro, have been developed and constructed
RP Global is engaged in several successful partnerships with institutions
such as the Marguerite Fund and the Bank of Georgia, and has worked successfully
with the EBRD, the IFC, PKO, UniCredit, BES and other multilateral/international
banks. Croatia, France and Poland (wind), as well as Portugal, Chile, Peru
and Georgia (hydro) are among the countries of operation, while the company’s
headquarters are based in Vienna, Austria. For more information, please