Investment mobilisation and programme scope
Croatia’s PVMax technical-assistance programme reported that it helped mobilise €50.2 million of investment in around 64 MW of solar capacity. The initiative was described as demonstrating leverage from project preparation without directly subsidising generating equipment . The programme ran from July 2021 until June 2025. It focused on development stages that can prevent smaller renewable projects from reaching investment decisions.
Assistance activities and delivery model
The support package included rooftop assessments, feasibility studies, preparation of technical documentation, and procurement and contracting assistance. The programme was led by the Regional Energy and Climate Agency of North-West Croatia, REGEA. REGEA assessed more than 5,000 public and commercial buildings during the period. It also assisted over 750 clients.
Costs and funding through ELENA
Total programme expenditure was slightly below €2 million. Of that amount, €1.78 million was provided through the European Investment Bank’s ELENA facility . The resulting investment mobilisation exceeded €50 million. PVMax generated more than €25 of identified solar investment for each euro spent on the programme.
Solar capacity outcomes and project pipeline
The 64 MW delivered with programme support was described as significant relative to Croatia’s solar market at the start of the initiative. Installed photovoltaic capacity stood at only around 140 MW at the end of 2021. The programme also prepared approximately 195 MW of additional projects for potential development. That pipeline was equivalent to more than one-fifth of Croatia’s 897 MW solar fleet recorded at the end of 2024.
Development-stage constraints highlighted by PVMax
The programme pointed to a constraint seen across renewable markets, where bankable capital may exist but individual projects cannot reach financing due to incomplete development work . It stated that feasibility studies, design, documentation, and procurement packages can be as important to deployment as equipment subsidies. For Croatia, PVMax indicated that relatively modest public expenditure directed towards the pre-investment stage can unlock larger private and institutional capital flows. With 64 MW associated with €50.2 million of investment and an additional 195 MW pipeline prepared, PVMax framed its main value around moving projects from early concept into an investable development stage.
