Geo Power Babina Greda has acquired 90 percent of the shares in the company Geothermal Sources from Vukovar-Srijem County and the Municipality of Babina Greda

Vinkovci, April 5, 2024. – ENNA Geo, a company within the ENNA group that develops geothermal power plant projects in Croatia, has taken over another exploration field in Babina Greda. Geo Power Babina Greda, a subsidiary of Enna Geo, purchased 90 percent of the shares in the company Geothermal Sources from the Vukovar-Srijem County and the municipality of Babina Greda, while the county and the municipality retained five percent each. The shares were sold through a public call, and the decision was confirmed by the Assembly of Vukovar-Srijem County and the Babina Greda Municipal Council.

- Ivana Ivančić, Director of Enna Geo, explained during the contract signing that concluded the transaction: "Enna Geo, through its subsidiary, is already an active investor in the Municipality of Babina Greda. Given that the exploration fields Babina Greda 1 and Babina Greda 2 are situated on a single geothermal reservoir, forming a unified geological and hydrodynamic entity, our decision to invest in the company Geothermal Sources is both technically and economically sound. As she pointed out, the plan is to develop both fields and build a geothermal power plant, and with the production of electricity, the whole range of possibilities for the development of that area opens up.

Great geothermal potential

Until now, the county and the municipality, through the Geothermal sources company, have provided all the prerequisites for the start of drilling in the Babina Greda 2 exploration field, said Vukovar-Srijem prefect Damir Dekanić.

- The geothermal potential of this area is huge, but the projects require large funds that the Municipality and County cannot provide, which is why 90% of the shares in the company were sold. We believe that the sole bidder who participated in the tender gave a good price for the company, and at the same time has the opportunity to fully develop the potential of geothermal sources - said Prefect Dekanić, noting that he is convinced that results will be achieved much faster with this approach than if counties and municipalities had invested themselves in the development of this project for an extremely long period of time.

- The citizens sometimes say that "by the time something actually starts happening, the water will cool down". The water will not cool down. I am sure that we have got good partners who will invest in the further development of geothermal energy - said the head of Babina Greda Municipality, Josip Krnić.