The European Investment Bank (EIB) has signed a €130 million loan agreement, alongside the European Bank for Reconstruction and Development (EBRD), to support Croatia’s energy company Hrvatska Elektroprivreda make its systems more modern, efficient and environmentally-friendly, the European Commission said on July 25.

“As the EU transitions to a cleaner and more sustainable economy, it is crucial that we replace older, polluting power plants with climate-friendly versions,” European Commission Vice-President for Jobs, Growth, Investment and Competitiveness Jyrki Katainen said. “This is precisely what this project will do: generate electricity for residents of Zagreb in a more sustainable way. With financing support from the European Investment Bank under the Investment Plan for Europe, as well as from the EBRD and national power company Hrvatska Elektroprivreda, this is a collective effort to modernise energy supply in Croatia and contribute towards the EU’s climate goals,” he added.