Croatia’s state-run power utility HEP aims to boost renewable energy to 50% of its total capacity from the current 35%, investing 1 billion Croatian kuna (US$153.96 million) a year on average until 2030, the company said on Dec. 6.

The company will upgrade existing hydro power plants, as well as adding new ones, and invest in other renewable sources, HEP said in a statement.

HEP is currently running an open tender procedure for the construction of a 6.5 megawatt (MW) solar power plant on the island of Cres, which will be the largest in the country to date.

Talks are also underway on the acquisition of two solar and two wind farms, the company said, adding that a total of 600 million kuna will be allocated for these projects in 2019 alone.

Croatia, the European Union’s newest member, imports 40% of its electricity, about 40% of its gas and up to 80% of its oil. It currently has 4,500 MW of installed power generation capacity with HEP controlling 85 percent of the electricity market.

($1 = 6.4953 kuna)