Jadranski Naftovod has begun its first solar power plant project in Vođinci. With a designed capacity of around 14 MW and a connected power of approximately 10 MW, the plant is expected to be operational by March.
Entering Croatia’s Energy Market
Through its subsidiary JANAF OIE, Jadranski Naftovod has acquired 100% of the shares in Solar Energy Vođinci. The acquisition includes a solar power plant in Vođinci, near Vinkovci, with a designed capacity of 14.2857 megawatts and a connected power of 9.99 megawatts.
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Stjepan Adanić, President of the JANAF Management Board, called the project the first significant milestone in their new strategic direction. The company will focus on expanding its renewable energy business to establish JANAF as a key player in the Croatian electricity market while continuing to ensure energy security for Central Europe and neighbouring countries.
“Taking over the solar power plant project marks the first practical outcome of our new strategic approach,” Adanić remarked. “We will continue to grow the business segment of renewable energy sources while keeping energy security in Central Europe and surrounding countries in mind. We want JANAF to become a recognised player in Croatia’s energy market.”
Solar Project to be Operational by March
Jadranski Naftovod announced on Wednesday that the project has entered its initial construction phase, with building permits secured. The solar power plant is expected to be operational by March 1, 2025.
The company’s robust financial position, achieved through successful operations, has enabled it to invest in renewable energy sources. This first project acquisition marks an important milestone, but it is just the beginning, as the company is also evaluating several other greenfield and mature projects in this field.
“These operations have given us the chance as a corporation to invest in renewable energy sources,” stated Vladislav Veselica, a member of the company’s Management Board. “While I am delighted that the first acquisition of a project in the field of renewable energy sources has been completed, I would like to underline that this is only the first such investment. We are currently considering some other greenfield and mature projects of this type.”
Since adopting its Transition and Development Strategy for 2022 to 2030—with a vision extending to 2050—JANAF has been actively diversifying its operations to become a green energy company. The company has already completed integrated solar power plant projects at the Sisak, Žitnjak, and Omišalj terminals and is currently preparing non-integrated solar power plants in Slavonski Brod, Omišalj, and Žitnjak in Zagreb.
The Untapped Solar Energy Resources in Croatia
Croatia boasts substantial solar potential, with one of the highest insolation levels in the EU and between 2,000 to 2,700 hours of sunshine annually. Despite this advantage, the country had only 462.5 MW of installed solar power as of January 1, 2024. This lag is often attributed to slower permitting processes for solar projects compared to other EU nations. Analysts suggest Croatia could harness up to 7 GW of solar power by 2030, indicating significant untapped potential.
Over the past two decades, solar energy capacity in Europe has surged from 2 GW to 1000 GW. Walburga Hemetsberger, CEO of SolarPower Europe, attributes this remarkable expansion to the cost-effectiveness of building solar and wind farms compared to traditional fossil fuel, natural gas, and nuclear alternatives.
The burgeoning solar industry presents a compelling opportunity for Croatia’s economic development. Walburga Hemetsberger also pointed to the potential for domestic manufacturing facilities, citing Solvis, the country’s sole solar panel factory.
While Solvis produces approximately one million modules annually, Croatia still imports most other components, leaving significant room for expansion and localization of the solar supply chain. Investing in solar manufacturing could bolster Croatia’s energy independence, stimulate domestic industry, and create jobs, aligning with broader European ambitions for renewable energy leadership.
