(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 10.​ The European Bank for Reconstruction and Development (EBRD) is supporting Croatia's green energy transition with a senior non-recourse project finance loan of up to 12.2 million euros to RP Global Novalja d.o.o., a subsidiary of RP Global, Trend reports.

The financing will enable the development and construction of the 21 MW Novalja solar photovoltaic (PV) plant in Croatia.

The project has been approved under the EBRD InvestEU Framework for Sustainable Transition, reflecting the Bank's commitment to accelerating the shift to renewable energy across its regions. The loan is structured in two tranches: Tranche A of up to 7.2 million euros, and Tranche B of up to 5 million euros, the latter benefiting from an EU guarantee under the EBRD InvestEU Framework.

The Novalja solar PV plant will add 21 MW of new renewable generation capacity to the Croatian national energy system, contributing to climate change mitigation and strengthening the private sector's role in the country's renewable energy sector. The project is expected to deliver annual CO2 emissions savings of approximately 6,400 tonnes.

RP Global Novalja d.o.o. is a limited liability company incorporated in Croatia for the purpose of developing, constructing, and operating the Novalja solar PV plant. The company is owned by RP Global an Austrian renewable energy developer with a strong track record in the sector.

Since opening in Croatia in 1993, the Bank has committed over 5 billion euros to 272 projects in the country. The Bank's activities focus on supporting efforts to accelerate the reform process, leveraging the benefits of European Union (EU) accession to advance transition, and restructuring and commercialising public-sector enterprises

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