Croatia's Koncar replacing 30 km of submarine power cables

The project is recognized as one of Croatia's strategic initiatives and is financed under the national recovery and resilience plan, Koncar said in its monthly newsletter on Monday.

In 2022, the first phase of the project was completed, during which a combined length of 12 kilometres of submarine cables connecting the islands of Brac and Krk were successfully replaced.

The project's second phase kicked off in early February, focusing on the replacement of existing submarine cables that link the islands of Brac, Hvar and Korcula in the southern Adriatic, as well as Krk, Cres, and Losinj in the northern Adriatic. The total length of cables being replaced in the second phase is nearly 30 kilometres.

Koncar said it is on track to wrap up the project's second phase by the end of June. It did not disclose the value of the deal.

Koncar’s shares traded 3.94% higher at 264 euro ($289) on Tuesday morning on the Zagreb bourse.

($ = 0.915 euro)