“This is a total investment of 400 million euros ($428 million), 40% of which will go for drilling and the rest for building electric plants in the next couple of years,” stated Marijan Krpan, Head of AZU.
The tender for six geothermal blocks within the geographical area of the Drava Basin was first announced toward the end of 2022. The potential of these blocks had been confirmed by previous wells drilled for the exploration and production of oil and gas, thus significantly reduces the risk and costs for future investors. The temperatures at all the sites is sufficient for power generation with a total cumulative potential of around 600,000 MWh of electricity.
The European Bank for Reconstruction and Development (EBRD) has indicated that it would be interested in exploring financing geothermal projects in Croatia once there are bankable projects in the sector.
“Overall potential of geothermal energy in Croatia is enormous, it certainly exceeds 1 gigawatt (GW),” said Marijan Krpan during an interview. “Based on an extensive database that the Agency has developed, we know that the Pannonian area has perfect conditions for development of geothermal business, with geothermal gradient 60% higher than the European average.”
