Luxembourg-headed private equity investment fund PEARL Infrastructure Capital (PEARL) has announced that it has completed its first investment in Croatia, in the biomass cogeneration sector with the acquisition of the Energy 9 combined heat and power (CHP) plant. Commissioned in March 2019, the 13 MWth and 5 MWe Energy 9 is located in the forest region of Slavonia.
According to a statement, the Energy 9 project contributes to the industrial and energy development of a landlocked area in Croatia. The CHP plant creates jobs in the region and contributes to meeting the region’s energy needs through the supply of carbon-neutral power under a state-guaranteed long-term power purchase agreement (PPA) with the national operator, and heat to several local industries operating in the wood and agricultural sectors.
PEARL Infrastructure Capital is working simultaneously towards the refinancing of this asset, thus providing additional resources to consolidate its strategy to develop a portfolio of biomass cogeneration plants in Croatia.
With a EUR 280 million fund launched in March 2020, PEARL Infrastructure Capital specializes in funding new mid-sized (EUR 25-200 million) European renewable energy projects (greenfield) and the modernization, extension, or upgrading of existing assets (brownfield) taking a controlling stake.
