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Croatia to enable pension funds to invest more in renewables

Croatia to enable pension funds to invest more in renewables

Date: July 6th 2022

Author: Montel

Category: En.vision

Topic: Renewables , Energy policy , Economy

Croatia’s labour and pensions ministry will propose amendments to laws regulating pension funds and insurance companies to encourage them to invest more in renewable energy, the ministry told Montel in an e-mailed statement on Tuesday.

The intention is to ensure that the money pensioners have invested is more secure and more profitable, said minister Marin Piletic last week while attending the opening ceremony of the Raiffeisen pension insurance company’s (RMOD) first 385 kW rooftop solar power plant, which covers four rooftops in Zagreb’s Mani business centre.

The investment in this business centre and solar power plant exceeds HRK 100m (EUR 13.3m), RMOD’s director Zeljko Bedenic told Montel on Friday. He added that the company had a power purchase agreement with the utility HEP for annual delivery of 375 MWh and expected a return on its investment in 7-9 years’ time.

Bedenic also said that the company had already reached the 10% ceiling stipulated in the law on pension insurance companies for real-estate investments.

“We hope the limit for such investments will be increased to at least 20%,” he added.

The Croatian pension fund Erste Plavi has invested around 3% of its portfolio in renewable energy through the Croatian company Professio Energia and two foreign investment funds, its director Petar Vlajic told Montel in a telephone interview on Tuesday.

While the investment potential of renewables is huge, it is unlikely that Erste Plavi will directly invest in renewable energy projects, he added.

Professio Energia has 200 MW of renewables in the development phase and already owns four wind farms in Dalmatia with a combined capacity of 122 MW, producing 320 GWh of electricity annually. The company has been listed on the Zagreb Stock Exchange since 2019 and is owned by the Erste Plavi and PBZ CO pension funds and the Croatia Osiguranje insurance company.

Vlajic also said that he does not know how the ministry plans to change the ceiling for pension fund investments in real estate and sustainable projects.

(EUR 1 = HRK 7.5)


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