Energy Efficiency Project Croatia
The Energy Efficiency Project Croatia was initiated by the World Bank (IBRD) and Global Environment Facility (GEF) in collaboration with Hrvatska Elektroprivreda d.d. and Croatian Reconstruction and Development Bank (HBOR). For this purpose Hrvatska Elektroprivreda d.d. and/or HEP ESCO was extended a loan by the World Bank in the amount of 4.4 million euros and a GEF grant in the amount of 5 million USD. The total value of the Project, with participation of domestic banks, is estimated at 40 million USD over a six-year period.
The national character of the Energy Efficiency Project is strongly supported by the Croatian legislation through the provisions of the Energy Act (particularly the section entitled “Energy efficiency and renewable energy sources”), Croatian Energy Development Strategy which is aimed at improving energy efficiency, Government-approved national energy efficiency programs, and by Environmental Protection and Energy Efficiency Fund which was established to secure additional funding for projects, programs and similar activities in the fields of conservation, sustainable use, protection and improvement of the environment, and others.
The Energy Efficiency Project contributes to achieving the objectives set out in Directive 2006/32/EC of the European Parliament and of the Council concerning efficient use of energy and energy services. The aim of the Directive is to save 9% of energy in the ninth year of application of energy services and other measures for energy efficiency improvements.