Libra Group renewable energy subsidiary to acquire 114-megawatt Croatian wind farm development as a first investment in key renewable market and new Eurozone member.
January 20th, 2023 – EuroEnergy, a renewable energy subsidiary of Libra Group with assets and operations in the European Union, has announced that it will acquire a 114-megawatt (MW) wind energy development in Udbina, Croatia. Representing a total investment of €150 million, the project will expand EuroEnergy’s European footprint to harness the potential of Croatia’s growing renewable energy sector. Significantly, the acquisition represents one of the country’s first clean energy investments since it became a member of the Eurozone in January 2023.
Located in the largest county in Croatia, Lika-Senj, in the municipality of Udbina, the project is expected to boost the local economy by establishing an office, hiring local personnel, and contracting local companies for the development, construction, and operation of the wind farm.
With an established presence in key markets, including Greece, Romania, and now Croatia, this acquisition will substantially increase EuroEnergy’s investment portfolio of solar parks and wind farms to an installed capacity of over 200 MW. In addition, the company has previously owned and managed 375 MW.
EuroEnergy is among the few private renewable energy platforms with extensive experience, an on-site presence, sizable operating assets, and a robust pipeline in emerging European markets. It is also committed to advancing innovative technologies to support operational excellence, most recently through deploying drone technology to inspect wind farms.
“We are proud to expand our portfolio into the Republic of Croatia, a market with enormous potential and a growing domestic renewable energy sector,” said EuroEnergy Chief Executive Officer Fanis Mermigkousis. “We are committed to ensuring the local communities are integrated throughout the process. Our work is helping ensure that Southern and Eastern Europe are part of the renewable energy transition, and we will continue to explore new geographies that advance the sector.”
The acquisition reserves the right to expand with an additional 70.5 MW of wind capacity, depending on electricity grid upgrades that can increase production. The broader growth of renewable energy in Europe, new upgrades to Croatian grid infrastructure, and a liberalized market with supportive legislation further advance this growth. The potential scalability of this project also supports the future incorporation of new, highly-innovative and green infrastructure solutions to Croatia.
“Our Group is dedicated to responsible innovation and growth, and we are proud to see EuroEnergy invest in Croatia’s energy future as it becomes part of the green transition,” said Antonis Menegas, Executive Vice President of Energy for Libra Group. “Across our global ecosystem, we are leveraging the insights of our network to build economies of scale. We look forward to following EuroEnergy’s progress as our Group continues to advance a pan-European renewable energy platform.”
Boris Katić, one of the three owners and original developer of this project, further commented, “We are pleased to welcome EuroEnergy and their team as a strong and experienced partner in the project. This wind project will provide a significant contribution to the sustainable development of this rural area by creating highly-skilled employment, improving the environment for local businesses and strengthening the regional road and power infrastructure. Located in the triangle between the three National Parks Plitvice, Paklenica and North Velebit, the wind farm is a crucial contributor to supporting and promoting the local communities in this remote region.”