Swiss energy trader Axpo Holding has signed a ten-year virtual power purchase agreement (VPPA) for the output of a 111-MW wind farm currently being built in Croatia.
The project is headed by Kunovac d.o.o., a joint investment entity formed by Finnish renewables investor Taaleri Energia and Croatian developer ENCRO. Axpo said on Friday it had signed the PPA with Kunovac to off-take almost 1.8 TWh of electricity generated by the new wind farm.
It is the first such contract in Croatia’s market, according to Axpo.
The wind project is sited in Zadar County. Construction started in 2022, while commercial operations can be expected in early 2024, Croatian media outlet Poslovni Dnevnik reported last August.
The European Bank for Reconstruction and Development (EBRD) financed the project alongside Zagrebacka Banka dd, which is part of UniCredit Bank, and the Croatian Bank for Reconstruction and Development (HBOR).