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Croatia attracts Star Energy with a 71% acquisition in geothermal exploration

Star Energy increases its stake to 71% in A14 Energy Ltd, solidifying its influence in geothermal exploration in the Pannonian Basin with three strategic licenses.

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Star Energy has confirmed a strategic acquisition by increasing its stake in A14 Energy Ltd to 71%. This transaction includes the exercise of conversion rights on a €529,614 convertible loan provided to Peninsula International PTE Ltd, Star Energy’s partner in this joint venture. This development reinforces the company’s commitment to Croatia’s geothermal sector.

Proven geothermal potential

The three exploration licenses held by A14 Energy, through its Croatian subsidiary IGeoPen d.o.o., are located in the Pannonian geological basin, recognized for its energy potential. The area already benefits from a successful proof of concept with the Velika Ciglena geothermal power plant, which produces 17.5 MWe. These projects confirm Croatia’s growing appeal for investments in renewable energy.

A long-term partnership strategy

Star Energy’s majority control is part of a development strategy aimed at attracting financial or industrial partners. This flexibility should accelerate the deployment of Croatian assets without incurring significant additional costs in the short term, thanks to pre-existing financing agreements.

Peninsula International, while now a minority stakeholder, retains a crucial role by providing essential local expertise to navigate Croatia’s regulatory and operational framework. This partnership highlights a collaboration focused on pooling skills and resources in a fast-growing sector.

An approach aligned with European policies

This initiative also reflects the European Union’s objectives for energy transition and diversification of energy sources. Croatia, rich in geothermal resources, plays a key role in this transition. Investments like Star Energy’s strengthen the integration of renewable energies into the national and regional energy mix.

This strategic acquisition highlights the dynamism of energy players seeking to capitalize on local opportunities while addressing global environmental priorities.

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