Croatian Telecom concludes the Term Sheet for the first corporate vPPA in Croatia

28.10.2022

Croatian Telecom and Liburana d.o.o., which is 100% owned by Professio Energia d.d. have concluded a Term Sheet for the first ever corporate renewable energy Virtual Power Purchase Agreement (vPPA) in Croatia. The agreement is set to be for a 10-year period, pending signing of the contract.

Upon the agreement, Liburana/Professio Energia d.d. will build a dedicated wind power plant ‘Mazin Gračac’, in Croatian Lika region, which shall produce electricity as renewable energy in volumes of 50 GWh yearly and which should start operations in last quarter of 2024.

“This agreement, first ever corporate PPA in Croatia, marks a great structural energy transition for our company. It is an important step in Croatian Telecom ensuring a substantial volume of our own annual needs for electricity from renewable sources, with it also to directly contribute to us meeting our ambitious ESG targets. We have for almost 2 full years been running on 100% renewable electricity while also working on reducing our energy consumption altogether. PPA symbolizes our commitment to both our sustainability development and EU-wide 45% renewable energy target, while at the same time supporting creation of new jobs, stability and growth in Croatia”, stated Kostas Nebis, Croatian Telecom CEO.

„In accordance with our Company's mission, which includes enabling reliable production of electricity without greenhouse gas emissions to clients and partners in SEE and beyond, we are extremely proud to conclude this Agreement, which is the basis for the conclusion of the first such vPPA in Croatia. We are glad that Croatian Telecom chose Professio Energia d.d. as a partner for the implementation of its energy transition. With the planned construction of the wind farm 'Mazin Gračac' we are working on the realization of our vision of becoming a leading vertically integrated company in the field of development and management of renewable energy projects in SEE through further investments, sustainable development and increase of market capitalization”, added Mario Klarić, Board Member-Director of Professio Energia d.d., the first Croatian public joint-stock company focused on development, implementation and long-term renewable energy source management.

More information on the cooperation will be disclosed following the closing.