Croatia's Granolio, affiliates to invest 31 mln kuna (4 mln euro) in solar parks

Croatian cereals trader Granolio [ZSE: GRNL] and two affiliate companies plan to invest a total of 31.2 million kuna ($4.5 million/4.1 million euro) in solar power plants under deals with local renewable energy company Energo Solar, Granolio said on Monday.

Granolio and Energo Solar singed an agreement on Friday for the construction of photovoltaic power plants for its own needs at the Farina flour mill in Gornji Draganc and the Kopanica mill in Velika Kopainca, Granolio said in a filing to the Zagreb Stock Exchange.

Its affiliate companies farm Zdenacka Farma and Zdenka- Mliječni Proizvodi also signed deals with Energo Solar company for building photovoltaic power plants for their own needs. Granolio did not say what the installed capacity of the solar parks will be.

Funding for the projects will be provided from the companies' own sources, grants from the state Rural Development programme and through business cooperation with Croatian energy services provider HEP-ESCO.

Granolio's shares traded 0.40% higher at 50 kuna on Monday afternoon on the Zagreb bourse.

(1 euro=7.572 Croatian kuna)

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