World Bank Group member, International Finance Corporation (IFC), has allocated €38.8m to finance the 30MW Jelinak wind farm in the northwest of the Split-Dalmatia region, Croatia.
Of the total financing, IFC will provide €15.4m in loans to a local subsidiary of Acciona Energia, and the remaining €23.4m has been mobilized from UniCredit Bank through a syndicated loan.
Commenting on the initiative, IFC Europe and Central Asia director Tomasz Telma said that the Jelinak wind farm will contribute to the nation’s renewable energy production and improve electricity supply for homes and business in the central coastal region of Croatia.
"IFC’s support for renewable energy is an important part of our work to address climate change and improve access to infrastructure," added Telma.
The Jelinak wind farm is anticipated to generate around 63.8GWh, lowering by 21,000 tons greenhouse gas emissions annually.
Construction of the Jelinak wind farm commenced in 2012 and the facility will become operational in the summer of 2013.
Meanwhile, IFC has provided €55m in financing for the 43.7 MW wind farm near the town of Sibenik in Croatia, in 2012.
Acciona Energia has installed 9,000 MW of electricity generation in 14 countries. The company has 213 wind farms, 80 hydroelectric power stations, and a number of solar thermal and photovoltaic plants that rank among the biggest in the world.