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IFC Supports RP Global’s Rudine Wind Farm, Boosting Croatia’s Clean Energy



In Belgrade:                        
Slobodan Brkic                        
Phone: +381 11 3023 750        
E-mail:
sbrkic@ifc.org        

In Washington, D.C.:

Josef Skoldeberg
Tel: +1 202 473 6978
E-mail:
JSkoldeberg@ifc.org

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.

About IFC

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.

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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 so far.

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 visit
www.rp-global.com.