The total value of both loan agreements is EUR 62 million, of which EUR 31.62 million is the EBRD loan, and EUR 30.38 million is the EIB loan. In accordance with the decision of the Government of Croatia, the loans are secured by a state guarantee covering 80 percent of their total value.
Korlat Solar Power plant is the largest solar power plant project in Croatia with obtained construction permit. Installed capacity of the power plant will be 99 MW (megawatts), and connected capacity will be 75 MW. Expected annual generation of SPP Korlat totalling at 165 million kWh (kilowatt hours) of green electricity will be sufficient for the supply of around 50 thousand households.
In addition to the existing wind farm at a location near the village of Korlat, about seven kilometers from Benkovac, which has been in operation since 2021, SPP Korlat will form a renewable hybrid energy park. The SPP Korlat project includes the construction of a solar power plant on an area of about 150 hectares, the infrastructure for the connection to the 110 kV transmission network, and the ancillary facility for storage and management of the energy park. Construction work on SPP Korlat is expected to begin in the first quarter of 2025, and the power plant could be put in operation during 2026.