Construction has began
Construction began on May 21, 2018 and was officially opened on July 3rd by Norwegian Prime Minister Erna Solberg. The value of the total investment is around EUR 18.7 million, of which 30% is owned by the Norwegian company Croatia REN AS as the sole owner and the rest is financed by PBZ and HBOR. Croatia REN AS is comprised of 80 Norwegian investors and Green Energy Innovation Alliance AS. Croatia REN AS is the founder of two companies in Croatia where their projects stand. The first project (Maksim Trade Energy) is a cogeneration plant with ORC technology (the most commonly used technology when it comes to obtaining electricity from low-temperature sources) to wood biomass of 1 MW per hour and thermal energy of 4.5 MW. Another project (Bio Pellets Energy) is a wood pellet plant with a capacity of six tonnes per hour.
The decision on Croatia as a destination fell in 2012 at a time when Croatia was in the final procedure of joining the EU and has implemented a number of reforms to harmonize legislation. In addition, the renewable energy sector fits into their investment policy, and Croatia has been selected for favorable incentives for both the placement of electricity and the availability of raw materials.