Wednesday, 2 December 2020

Telemach Croatia to Invest 230 Million Euros in Croatian Digitisation

December the 2nd, 2020 - Digitisation in Croatia goes slowly. In fact it goes so slowly that it's rather difficult to believe it is progressing at all when you find yourself standing in line with a bible's worth of paperwork in your hand at Fina, MUP, or some other God forsaken office full of half dead plants and even more half dead clerks. Telemach Croatia, however, understands that this is a process at which it is paramount to be at the very forefront.

As Poslovni Dnevnik writes, we're still going through the tiresome motions of a very, very challenging year which has been dominated by a public health crisis and economic woes. Despite efforts to maintain stability, the pandemic has slowed down all business activities in all economic sectors, including in the telecommunications sector. The forecasts of various economic analysts are, to say the least, discouraging, and it's to be expected that the period ahead of us will bring with it even more new challenges for the Croatian and the global economy. Investors, especially foreign ones, will be very cautious indeed, which will further slow down economic recovery.

''We're seeing the greatest opportunity in the introduction of new technologies that will enable the continued digitisation of the Croatian economy, and thus the progress of society as a whole. This new situation has clearly indicated the importance of digital transformation and, on the one hand, has accelerated its implementation. We believe that this trend will continue in the future. Our society will increasingly rely on digital solutions, and a prerequisite for this will be having more advanced infrastructure. The above is particularly true for the telecommunications industry, this means that telecom operators will need to provide sufficient network capacityies to withstand the increasing growth of data traffic.

In this regard, investments in telecommunications infrastructure will play a key role. At Telemach Croatia, we want to be the leaders in the digitisation of Croatia, because we consider it the backbone of the accelerated launch of economic progress. That's why the announced investments of our parent company, the United Group, have given us a real spring in our step. This represents one of the largest foreign investments in all of Croatia.

Thus, over the next five year period, we will invest up to 130 million euros in the further modernisation of our mobile network. We'll expand our mobile network coverage, improve the quality of the mobile service we have on offer and also introduce ultra-fast 5G technology. In addition to all of the aforementioned, we intend to invest up to 100 million euros in the construction of a state-of-the-art optical network that will provide private and business users with ultra-fast broadband Internet at speeds of up to 10 gigabits. In this way, we plan to transform the business from a segment-focused operator into a fully converged company that provides customers with high-quality telecommunications services and a superior user experience,'' they concluded from Telemach Croatia.

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Wednesday, 2 December 2020

Are Croatian Tourism Companies Ready to Invest Post Pandemic?

December the 2nd, 2020 - The coronavirus pandemic has forcibly put the key in the lock of many a previously planned investment, especially in the Croatian tourism sector as companies suffered and continue to suffer the economic fallout as a result of the anti-epidemic measures. With that being said, just how much are Croatian tourism companies willing to invest when the pandemic finally draws to a close?

As Marija Crnjak/Poslovni Dnevnik writes, Croatian tourism companies have ready projects for investment worth a total of a massive 25 billion kuna, which can be realised over the next five years, in four segments, green tourism, digitalisation, the reconstruction of accommodation and last but by no means least - infrastructure.

Great help in the realisation of these projects is expected from European Union funds, and that same realisation can begin as soon as the end of the pandemic arrives and the normalisation of the tourism industry arrives, said Zeljko Kukurin, CEO of Valamar Riviera at a hotel congress which was held on Tuesday.

The congress was held, much like other events in 2020, in a semi-virtual edition for the first time, and the main focus of the participants is the return of Croatian and global tourism after the pandemic, which became likely with the announcement of coronavirus vaccine registration. The congress was opened by Minister Nikolina Brnjac, who stated that the Croatian Government just yesterday presented a new package of assistance to Croatian companies worth 2.1 billion kuna.

"We've initiated the development of a new programme for the allocation of state aid to the tourism sector and other related activities, which we will soon send for approval to the European Commission, and then for adoption by the Government," assured Nikolina Brnjac.

The Croatian tourism industry is optimistic, as are Croatian tourism companies, and the government is of the opinion that in 2021 about 60-70 percent of 2019's turnover could be realised, as opposed to 2020 in which we reached about 50 percent of that period's turnover. Invesments from Croatian tourism companies will begin when tourist traffic start bringing revenue back in. Valamar, for example, delayed its largest investment yet by 12-24 months. That investment is in the Hotel Pinea and is worth a massive 100 million euros. As such, they have high hopes in the emergence of a vaccine against the novel coronavirus.

"The fastest return of tourists is expected by Istria and the north of the country in general, Zagreb could see a return in the autumn of 2021, and the return of the south and east of the country, ie air destinations, will be slower. We expect to realise about 70 percent of last year’s traffic next year. The vaccine is currently the only solid point we can cling to, but the question is how the realisation of all that will go. Despite that, we're convinced that 2021 will be better than 2020,'' said the President of the Management Board of Maistra, Tomislav Popovic.

Hoteliers across Croatia are aware that a lot of improvisations will need to be done next year, plans will need to be made and bridges crossed when arrived at, there will be a lot of ''last minute'' going on, but this year a lot has been learned and implemented in business and there will be fewer surprises.

"It would be very good for us if the epidemiological picture was favourable from mid-February, on so that we could tell our guests that we're a safe destination and start working towards the Easter period. It should come as no surprise, because this year we've managed to introduce many solutions in regard to safety that would otherwise have taken several years, from the digital privacy of guests to better standards of cleaning and hygiene, which the hotel industry has strictly adhered to," said Veljko Ostojic, the director of the Croatian Tourism Association (HUT).

The CEOs of the largest Croatian tourism companies, Valamar and Maistra, confirmed that there was no coronavirus infection reported within their facilities, although they were very well filled during the season. "It's something we have to communicate to our guests next year as well," Kukurin concluded.

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Tuesday, 1 December 2020

Croatian Roads Continuing with Investments, Toll Payment Modernisation

December the 1st, 2020 - Croatian Roads has continued to function well despite the massive drop in tourist traffic this year, as well as the multitude of economic issues caused by the ongoing pandemic.

As Poslovni Dnevnik writes, it goes without saying that the pandemic caused by the novel coronavirus this year has significantly affected most industries across Croatia and throughout all of Europe, especially in the transport segment. However, over the last three years, Hrvatske autoceste/Croatian Roads has been carrying out business and financial restructuring as part of the “Modernisation and Restructuring of the Road Sector (MARS)” project launched by the Croatian Government.

In a three year period, visible results have been achieved that have enabled Croatian Roads to continue to operate stably and continue with key investments that haven't had to be forcibly stopped even during this crisis year, which, after a series of successful years, was marked by a decline in traffic on the country's motorways.

''The season was uncertain due to the pandemic, but our expectations were relatively optimistic, which ultimately proved to be correct, so the drop in traffic on the highways was within our general expectations. Thanks to our modern motorways, Croatia has good transport connections to some key tourist markets. For many tourists who normally travel to more distant Mediterranean destinations by air, quality road connections have proven to be a decisive factor in choosing a destination, which has significantly contributed to the results of the tourist season. In the years ahead, we're going to continue with the projects we've started. The greatest emphasis is still placed on the completion of the Vc corridor in Slavonia, but activities for the construction of the A7 Rupa - Rijeka - Zuta Lokva motorway and the motorway to Dubrovnik remain in total parallel. Projects to increase traffic safety are also continuing, and in the coming period, activities will be launched to introduce a new toll collection system,'' they stated from Croatian Roads.

Following the Government Decision on the merger of the Rijeka-Zagreb Motorway with HAC, which will be implemented as of the 1st of January, 2021, we'll face further business restructuring next year. The merger also creates preconditions for more rational financial management and greater potential for investment in investment maintenance and also in construction. Consolidating the management of state-owned motorways will facilitate the introduction of a new toll collection system and bring savings to public procurement procedures.

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Friday, 16 October 2020

Gospic: 20 Million Euro Investment to Begin in Lika Region

As Poslovni Dnevnik writes on the 15th of October, 2020, the works on the construction of the cogeneration plant of the company "Energana Gospic 1" in Gospic in the beautiful green Lika region are now nearing completion. This is an investment worth over 20 million euros, and, according to the contractor, all works on the plant should be completed in December, after which a technical inspection should be performed.

Nova Energana will employ about thirty workers, and the investor is already looking for employees. "At this moment alone, GEEN is urgently looking for electrical and mechanical engineers who need to be trained before putting the plant into operation. Therefore, in Gospic, several jobs will be created in 2020, and by the end of the year, other occupations will be sought in the newly opened plants of the company,'' said the Mayor of Gospic, Karlo Starcevic.

This new Gospic-based biomass plant, with an output of 5 MW, is characterised by the simultaneous production of two useful forms of energy (electric and thermal) in one single process. Within this project, an additional plant is being built - a dryer, intended for drying wood chips, which will increase the efficiency of cogeneration. The produced electricity will be taken over by HEP, while the thermal energy will be primarily used for the needs of the technological process (biomass drying), and if there is a need for heating Gospic.

After the construction of the Kalcit factory, this is the second largest greenfield investment in the area of ​​the Gospic since the independence of Croatia back in the 1990s. On that occasion, Mayor Karlo Starcevic and Secretary-Head Slaven Stilinovic, along with representatives of the contractor Djuro Đakovic TEP d.o.o., Slavonski Brod, Executive Director Ivica Maric and Service and Installation Director Zdravko Stipetic, visited the construction site in the Smiljansko polje Business Zone.

Behind the company Energana Gospic 1 is the Czech holding GEEN, and it is a business entity that has many years of successful experience of operation within the demanding energy sector.

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Friday, 2 October 2020

Rijeka Refinery: Path Open to One of Largest Croatian Investments

As Novac/Vedran Marjanovic writes on the 1st of October, 2020, the Ministry of Economy and Sustainable Development has recently issued a positive decision on INA's project to modernise the Rijeka refinery in the part related to the environmental impact assessment of that investment. This is another step towards the realisation of the largest investment for the Croatian economy in recent years, worth a massive four billion kuna, which, according to announcements from INA, will place the Rijeka Refinery among the most modern refineries in the world.

Behind the phrase ''the modernisation of the Rijeka refinery'' is actually the construction of a coking complex with a port, storage and transport system.

''The main goals of the INA Rijeka Oil Refinery, which the planned second phase of modernisation, ie the implementation of the Heavy Residue Treatment Programme, seeks to achieve, are the higher production of low-sulfur gasoline and diesel fuels, the cessation of heavy fuel oil production, the reduction of the amount of total harmful emissions from the refinery site, and the production of fuel according to newer EU standards,'' it was stated in the study that INA submitted to the Ministry of Economy in the procedure of obtaining that solution launched in May this year.

The final decision of the Management Board and the Supervisory Board of INA on the beginning of the second phase of the modernisation of the Rijeka refinery was made last December. "INA's investment of four billion kuna is the most beautiful Christmas gift for the Croatian energy system."

This euphoria is far from surprising because it is known that the modernisation of the refineries in Rijeka and Sisak was one of the obligations that MOL undertook by buying the first 25 percent of INA shares way back in 2003. This obligation was included in the famous inter-shareholder agreement from 2009.

From the documentation submitted by INA to the Ministry of Economy in the procedure of obtaining that decision on the impact of the modernisation of the Rijeka refinery on the environment, it is evident that INA addressed the then Ministry of Environmental Protection, Physical Planning and Construction back in 2009.

INA confirmed that obtaining this decision from the Ministry of Economy is one of the steps towards the construction of a plant for the treatment of heavy residues at the Rijeka refinery.

''Considering the fact that the project of construction of a plant for processing heavy residues implies obtaining a series of location and construction permits, these processes should be completed in the middle of next year,'' announced INA. A warning from the decision of the Ministry of Economy and Sustainable Development is on the same track.

''This decision ceases to be valid if INA failts to submit a request for the issuance of a location permit within two years from the day of execution of the decision,'' it was noted in the decision of the Ministry of Economy.

On the occasion of the final decisions of the Management Board and the Supervisory Board of INA on entering the 4 billion kuna investment in the Rijeka refinery, Croatia's largest company announced that the processing plant should start operating in 2023. Although it should be understood that these announcements were made before the coronavirus crisis took hold, which stopped almost all investments in the country for at least three months this year.

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Tuesday, 22 September 2020

New Croatian Mega Project Involves 21 Trains and Over 1 Billion Kuna

As Darko Bicak/Poslovni Dnevnik writes on the 21st of September, 2020, given the fact that over the past 15 years Croatia has almost completely completed its investments in strategic road construction projects, and after that those of air transport, it is time to invest in railway infrastructure, which, with the abundant help of EU funds, is finally underway throughout Croatia. Meet the latest Croatian mega project.

The latest Croatian mega project is the procurement of 21 new low-floor trains, coming with a total value of more than one billion kuna. The Minister of Maritime Affairs, Transport and Infrastructure, Oleg Butkovic, together with the President of the Management Board of HZ Putnicki prijevoz (passenger transport), Zeljko Ukic, and the Director of the Central Agency for Financing and Contracting, Tomislav Petrica, will sign a contract for securing grants from EU funds.

Out of a total of 21 new low-floor trains from this new Croatian mega project, 11 of them will be intended for city - suburban lines, and the remaining 10 will be for regional lines. Eligible project costs will be financed from EU funds, ie the Cohesion Fund, in the amount of 85 percent, while the rest will be financed from the Croatian state budget.

So far there are 12 trains

This new Croatian mega project is part of the "Project for the renewal of the HZ Passenger Transport fleet", within which 12 new trains have been procured so far, which are currently in the production process.

Through the realisation of these procurements, HZ Putnicki prijevoz will have a total of 32 new trains under its belt over the next three years, for urban - suburban and regional traffic, which, along with 28 new trains that are now in service, will significantly improve the quality of their given transport services. During the last year, HZ Infrastruktura (Infrastructure), a public company in charge of investments and the maintenance of the national railway network, made a total of 950.9 million kuna in investments, which is 29 percent more than they did the year before. As much as 74 percent of the money, or 700.9 million kuna, is co-financed by EU funds. The company has pointed out that due to the coronavirus crisis, the dynamics of the work being carried out on contracted investment projects has slowed down a bit, and the start of work on newly contracted projects has been delayed.

The coronavirus factor

The fact that Croatian railway traffic is growing even during this crisis has been confirmed by the network regulatory agency HAKOM, which pointed out that in the second quarter of 2020, the Croatian railway services market transported 2.5 percent more goods when compared to the same period last year, and it achieved more train kilometres and tonne-kilometres in freight transport.

"These three indicators indicate that, although the coronavirus crisis has generally affected and reduced the transport of goods in Croatia, the railway has taken over the transport of part of that cargo by other means of transport, such as road or air transport," HAKOM said.

The share of train kilometres made freight transport in the total realised train kilometres, which includes passenger transport, stood at 47 percent. The largest freight carrier was the public HŽ Cargo with a share of train kilometres of 56.3 percent, and the rest was achieved by eight new carriers on this market. The indicator of realised tonne-kilometres in the second quarter grew by 17.5 percent when compared to the previous year. On the market of passenger railway transport, the number of transported passengers decreased by as much as 66.6 percent when compared to the second quarter of 2019.

The main reason for less passenger transport was the decision of the National Civil Protection Headquarters of the Republic of Croatia on the temporary suspension of public rail passenger transport from March the 22nd to May the 10th, 2020.

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Monday, 31 August 2020

Croatian Railways Investment Completion Set for Summer 2022

August the 31st, 2020 - Croatian railways aren't often in receipt of much praise. The train journeys are typically much longer than they should be, and the infrastructure system requires a lot of work. That being said, the Croatian railways investment has been going on since spring this year, and it isn't due for completion until 2022.

As Lucija Spiljak/Poslovni Dnevnik writes on the 30th of August, 2020, works on the reconstruction of the Zagreb Zapadni kolodvor - Savski Marof railway have been underway since back in May this year, the value of which amounts to almost 366 million kuna without VAT, and most of which is being financed by the International Bank for Reconstruction and Development.

This Croatian railways investment is part of a much larger investment cycle in transport infrastructure involving up to 20 billion kuna, half of which is going to the railway system, which, as stated, is in need of an upgrade. The works are expected to be completed by the summer of 2022, and the site was recently visited by the longtime Minister of Maritime Affairs, Transport and Infrastructure, Oleg Butkovic.

The eighteen-kilometre-long railway was last overhauled back in 1974, and this ongoing renovation should strengthen it, increase the carrying capacity and the level of safety and speed of trains to 120 km/h, and maintenance costs should be reduced in general. About 170 trains run on the line daily and it is located on an important corridor for international freight and urban-suburban transport.

During his visit, the Minister recalled the fact that the reconstruction of the Zapresic - Zabok railway saw an investment of around 900 million kuna in that micro-location alone.

He announced the continuation Croatian railways investments, and next week he will sign yet another contract for the purchase of 22 new trains for HŽ Putnički prijevoz (Passenger transport), worth more than one billion kuna in total.

He also stated that the traffic in the current part of this year is at the level of about 50 percent of last year, while cargo rail and passenger traffic didn't actually suffer much damage as a result of the ongoing coronavirus pandemic.

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Monday, 3 August 2020

Delnice Becoming More Interesting, Attracting American Investors

As Poslovni Dnevnik writes on the 2nd of August, 2020, while it is always good - and especially in this strange age dominated by the ongoing coronavirus pandemic - to be careful in planning and predicting the future, it is hard to disagree with the claim that the future of Delnice looks very interesting, promising and we might even dare to say impressive at the moment, much more than it has for many years.

This way of thinking has been encouraged by the recently published news about the serious interest of foreign investors, particularly American ones, thanks to which a hotel that will be part of the world-famous American hotel chain Marriott should appear in no less than Delnice next year, according to a report from Novi list.

But even if it doesn't end up showcasing the internationally respected name of Marriott, it will be a hotel, and that, in itself, is an enormous plus for the typically overlooked Delnice, especially considering the way in which serious investors were initially reached.

With the aforementioned hotel, the vision of the City of Delnice in the next year, year and a half, will be further changed for the better.

In September, a business and shopping centre should appear on the site of Delnice's former mill and bakery. The construction of its elements are finished and their installation will begin in September, which means that this year Delnice will have an even better trade offer than it does currently.

Furthermore, for mid-October, the opening of the newly renovated Delnice City Library has been announced, which is already finished and which will be not only aesthetically pleasing but an excellent functional unit. In addition to book lovers, there will be places for everyone who enjoys different forms of culture there.

Additionally, if the promises of the Government of the Republic of Croatia are to be believed at all, the large Retirement Home will certainly finally be completed next year, for which part of the funds were provided from the legacy of Janet Majnarich. All in all, Delnice - despite the coronavirus pandemic, the crisis that has ensued as a result of it and a number of other details which plague the area - is becoming an increasingly interesting and high-quality living environment.

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Saturday, 13 June 2020

First Croatian VC Fund Could Push Investments Forward

As Poslovni Dnevnik/Bernard Ivezic writes on the 13th of June, 2020, the very first Croatian VC fund, the Feelsgood Social Impact Investment Fund, has received the final green light to start working and can start things up as far as investments are concerned. The domestic startup fund, worth 30 million euros or a little less than a quarter of a billion kuna, has been collecting all the necessary permits for three years now.

Not only will the first Croatian VC fund help startups and their innovations with capital, but it has also become an innovation on the domestic financial market. The Croatian VC fund is also the first domestic "social impact" fund. The VC fund project was first given the green light back in March last year by the European Investment Fund. Then, at the beginning of August 2019, Hanfa approved the work of the Zagreb company Feelsgood Capital Partners, and now it has allowed it to establish the Croatian VC fund itself.

Renata Brkic, co-founder of the fund, says that the process was demanding, but that they are very satisfied with the result.

''The process was extremely demanding, but we're proud because the Croatian team managed to establish both a fund and a management company in their own country.

"We're extremely proud that we managed to establish a fund and a management company in our country as a Croatian team," says Brkic. In addition to Brkic, who is the High Commissioner of the World Business Angel Investment Forum (WBAF) for Croatia, the first Croatian VC fund will be managed by four other managers who are also the fund's co-founders.

Srdja Ivekovic, a VC fund manager with many years of experience in the industry in the markets of the Middle East, Egypt and the CIS, Dinko Novoselac, the former CEO of the largest pension fund in Croatia, AZ, and Peter-Pierre Matek, the former President of the Hanfa.

The fifth partner in the company and the fund is Tilen Sarlah, a financier from Slovenia, who also runs a trading board in Ljubljana's Geoplin and is an advisor in the startup Fintech Factory EU.

Renata Brkic says that they went through a complex process of coordination with the main investor, EIF, and the national regulator Hanfa.

"We hope that with this pioneering endeavor, we've encouraged others and paved the way for teams that think in the same way we do, and contributed to Croatia positioning itself one step higher in the European financial industry," says Brkic.

22.7 million kuna or 3 million euros will be the largest investment that the Croatian VC fund will be able to make according to the decision on the matter made by Hanfa. It should be noted that they are also ready to take their first step which comes in the shape of a sensitive topic in Croatia - investments.

Brkic states that in parallel with the process of designing the first Croatian VC fund and its main strategy, they held talks not only with potential investors in the fund but also with startups and other entrepreneurs whose projects are candidates for investment.

''Since we announced our intention to establish the Feelsgood fund at our conference on social impact investing in Zagreb last October, we've been contacted by numerous entrepreneurial teams from Croatia and Slovenia with the desire to present their projects, and we're now in a position to start talking concretely,'' says Brkic. She hasn't provided any details on that yet, however, she did point out that the most important thing is that the entrepreneurial scene is alive and kicking here in Croatia and that teams are thinking about how to achieve a positive social effect in addition to making profit.

Feelsgood is a Croatian VC fund that invests in startups here at home in Croatia. Five years ago, the VC fund South Central Ventures, worth a massive 40 million euros, started operating. Although it was entirely realised abroad, it is the very first VC fund with an office in the Croatian capital city of Zagreb.

It is also the first in which the Republic of Croatia has actually invested. Fil Rouge Capital, which is currently the largest VC fund in Croatia worth 45 million euros, also took a step forward last year. HBOR entered it as an investor, meaning that once again, such a promising step was taken here in the Republic of Croatia. Fil Rouge is also the first VC fund to invest exclusively in startups registered in Croatia.

Feelsgood, the third in a row, is the first to be fully incorporated in Croatia, meaning that it is the first VC fund that can be decorated with the title "100% Made in Croatia". As Hanfa's decision revealed, Feelsgood will invest in startups in Croatia and Slovenia. Although it will be open to all social SMEs, it will still be the most sought after instrument for startups or companies in their very early stages of development.

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Saturday, 1 February 2020

Investment in Croatia: Czech Energy Company Invests 80 Million Euros

As Vedran Marjanovic/Novac writes on the 31st of January, 2020, GEEN Holding, one of the largest Central European producers of electricity from renewable energy sources, will soon begin construction of its third biomass power plant in Croatia in Gospic, marking a valuable investment in Croatia.

''Over the coming days we'll start the final phase of site preparation for the project in Gospic. Construction will follow shortly, and after a year it will be finished and connected to the grid. The plant will be in full operation in the first half of 2021. Currently, over fifty percent of the necessary equipment has already been manufactured,'' they stated from the headquarters of GEEN Holding over in the Czech Republic.

At the beginning of December last year, GEEN Holding put a biomass-fired power plant in Zupanja into operation, and in October 2018, a power plant with the same facility in Benkovac was built. The raw material for production at both power plants is wood waste.

''The total investments in Benkovac and Zupanja amount to 80 million euros. The electricity from our two power plants is distributed through HERA, and thermal energy is used by other Croatian private companies for various business purposes. Biomass power plants in Croatia represent 40 percent of the installed capacity in our power plants,'' they stated.

The total amount of electricity generated by all power plants in GEEN Holding's portfolio is currently 113 million kilowatt hours. The power output of the Zupanja power plant is 4.93 megawatt hours and the Benkovac power plant - 4.96 megawatt hours. The thermal capacities of the Zupanja and Benkovac plants range between eight and ten megawatts.

When asked why they chose their investment in Croatia and use it as one of their major markets, GEEN Holding said they recognised the country's need for stable and strong energy sources.

''Energy in Croatia is significantly dependent on coal and gas from abroad. The capacity for new hydropower plants, for example, is very limited. Therefore, we saw a business opportunity in Croatia for the development and operation of biomass power plants,'' they say from the Czech company, whose annual revenue is around 30 million euros.

They also announced that in the coming months and years, they will focus more on increasing the efficiency of the power plants in Benkovac and Zupanja and on the better use of the heat produced, primarily, as they pointed out, for the production of pellets.

''A pellet production project alone could bring 20 new jobs to Croatia,'' GEEN Holding estimates.

According to the registry of the Croatian Energy Agency, sixty Croatian companies have licenses for electricity production. In addition to GEEN Holding's facilities, another dozen HERA-licensed companies produce electricity from wood waste. Although not the only foreign company to invest in biomass energy production in Croatia, GEEN is certainly the largest investor.

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