HEP signs key agreements regarding the EL-TO Zagreb project

Croatian state-owned utility signed four agreements regarding the implementation of a new combined-cycle cogeneration block at the existing thermal power plant Elektrana-Toplana Zagreb (EL-TO Zagreb) site. Financing arrangements were agreed with the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). Overall value of the loan agreements is reported at €130 million with EBRD providing €87 million and EIB €43 million.

As reported by HEP, EIB’s loan is provided by the European Fund for Strategic Investment (EFSI) which represents the main holder of the Investment Plan for Europe (the so-called “Juncker Plan”), initiated by the European Commission. The new unit will be fuelled by gas and will have an electrical output of 150 MWe and a heat output of 114 MWth. Italian based FATA has been awarded the EPC contract plus the Long-term Service Agreement.

Source: HEP