- The EBRD will invest €16.8m in IE-Energy Projekt to develop Croatia’s first 60-MW grid-scale battery storage and virtual power plant in Šibenik.
- The €50m project, co-funded by Raiffeisen Pension Funds and the EU Modernisation Fund, marks EBRD’s first equity stake in a standalone merchant BESS.
The European Bank for Reconstruction and Development (EBRD) has announced a direct equity investment of up to €16.8 million (USD 19.5 million) in the IE-Energy Project, a newly established joint-stock company developing Croatia’s first grid-scale battery energy storage and virtual power plant (VPP) project in Šibenik.
The investment marks the EBRD’s first equity stake in a standalone merchant battery energy storage system (BESS). The project will deliver up to 60 MW of flexible capacity and deploy a VPP platform to balance electricity supply and demand in real time.
Following the investment, founding shareholder IND-EKO PLUS will retain a majority stake and continue leading the company. According to the EBRD’s project summary, Slovenia-based NGEN energetske rešitve will take a 50% stake in a subsidiary managing the VPP and provide the algorithmic electricity trading platform that powers the system.
The financing package includes a €16.8 million matching investment from Raiffeisen Mandatory and Voluntary Pension Funds and a €16.5 million capital expenditure grant from the EU Modernisation Fund.
The EBRD noted that it has invested over €5 billion in 273 projects across Croatia, focusing on advancing structural reforms, modernising infrastructure, and promoting the commercialisation of public-sector enterprises.