Croatian Enna plans IPO and EUR 1bn of renewables investments

Date: June 2^nd 2023

Topic: Natural gas , Renewables , Economy

The Croatian energy company Enna has begun to prepare for an initial public offering (IPO), as well as investments in renewable energy sources worth over EUR 1bn, it announced on Thursday.

The IPO will take at least five years to organise, and going forward Enna will be solely focused on business divisions consisting of renewable energy sources, transport and logistics, and food, according to the company’s press release.

Very few details about these planned renewables investments were divulged, but Enna’s statement did indicate that they would be large scale projects, primarily involving the production of solar and geothermal energy. It also stated that the company’s trading division, Enna Opskrba, is developing energy management services, as well as significant partnerships with respected global companies.

In an interview with Montel last month, Enna board member Sabina Skrtic said that the company aimed to commission several hundred megawatts of geothermal and solar capacity by 2030.

“Our goal is to become a significant producer of electricity from renewable energy sources and be at the forefront of green energy trading,” she said.

In November of last year, management board member Zoran Milisa told Montel that Enna would invest heavily in green energy projects and that its future power plants would be equipped with their own battery storage systems, which would be able to store roughly half of the installed production capacity.

Gas flagship

Thursday’s press release also mentioned that Enna’s flagship, the gas trading company PPD, is in the process of exiting the Enna group.

PPD, which has business operations in Switzerland, Italy, Hungary, Slovenia and Romania, and generates 70% of its revenue on foreign markets, will now be directly owned by Blue Horizon, a company owned by Enna’s founder Pavao Vujnovac.

This article is available also in Slovene.