The World Bank affiliate will provide €18.9m to RP Global for the construction of the wind farm near the coastal town of Slano, about 32km north west of Dubrovnik.
The remaining €23.6m will come from UniCredit Bank Austria via a syndicated loan arranged by the IFC.
RP Global country manager in Croatia Bojan Rescec said: "The tough legal framework notwithstanding, we meet the highest environmental standards and – thanks to the ongoing support of IFC and our suppliers – we are finally starting implementation on this project, which has the perfect location for the efficient use of wind as an energy resource."
The project, which is expected to cost €53m, will reduce greenhouse gas emissions by over 24 tons of CO2-equivalent a year.
IFC Western Balkans regional manager Thomas Lubeck said: "The Rudine wind farm will make a significant contribution to Croatia’s renewable energy production and improve electricity supply in the area around Dubrovnik, one of the key tourist regions in the country.
"IFC’s support for renewable energy is an important part of our work to address climate change and improve access to infrastructure."
The Rudine facility is the second wind project developed by RP Global in Croatia.
In 2012, IFC provided €55m in financing to RP Global’s first facility, the 43.7MW Danilo wind farm, near Sibenik.
Image: The Rudine facility is the second wind project developed by RP Global in Croatia. Photo: Courtesy of dan/FreeDigitalPhotos.net.
