Woodburn Capital aims to launch its PPAs in Croatia

"Our PPAs will be powered by our upcoming plants in Stankovci and Brdovec, as well as several other renewable energy plants that are in the pipeline, that are yet to be announced, along with other partnerships," Woodburn’s head of development, Mirko Medenica, said in a press release, without elaborating.

Woodburn Capital Partners has signed its first ever PPA with international automotive company Magna as Woodburn will build and operate a 2.4 MW photovoltaic array at one of Magna Bohemia’s factory in the Czech Republic, supported by the 15-year PPA.

Woodburn is now deploying solar in Central and Eastern Europe and along the Adriatic coastal area of Croatia and also is actively reviewing development opportunities in Bosnia and Herzegovina, a region enjoying up to 35% more sunlight than Central Europe, the company said.

Woodburn announced last summer that it plans to build and operate two solar power plants with a total installed capacity of 13 MW in Croatia. The bigger power plant, with a capacity of 10 MW, is to be built in Brdovec, near Zagreb, while a 3 MW plant will be constructed in Stankovci, in Zadar country.

Woodburn also singed last month a concession agreement with the government of Bosnia and Herzegovina's Canton 10 for for its first ever investment the Balkan country. The solar power plant of 92.5 MW will be built in Tomislavgrad and will include an on-site Battery Energy Storage System (BESS).

Power purchase agreements are long-term contracts between electricity generators & customers, usually utility, government or company. They may last between 5-20 years, during which time power purchaser buys energy at pre-negotiated price. Such agreements play key role in financing of independently owned electricity generators, especially producers of renewable energy like solar farms or wind farms.