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

• Croatian cereals trader Granolio [ZSE: GRNL] and two affiliate firms plan to spend an overall of 31.2 million kuna ($4.5 million/4.1 million euro) in solar power plants under deals with regional renewable resource firm Energo Solar, Granolio said on Monday.

Granolio and Energo Solar singed an agreement on Friday for the construction of photovoltaic power plants for its very 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 constructing photovoltaic power plants for their own demands. Granolio did not claim what the mounted capability of the solar parks will certainly be.

Financing for the projects will be offered from the firms' own resources, grants from the state Rural Development programme and also via company cooperation with Croatian power companies HEP-ESCO.

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