ENNA Geo Acquires Three Geothermal Exploration Sites in Croatia
Ernestinovo, Sječe and Pčelić
Date publishedMay 4, 2026
Zagreb, 4 May 2026 – ENNA Geo, the ENNA Group company developing geothermal power generation projects, has signed an agreement to acquire IGeoPen d.o.o., a company owned by A14 Energy Limited, thereby obtaining three geothermal exploration licences at the Ernestinovo, Sječe and Pčelić sites.
Through this acquisition, ENNA Geo further strengthens its position as a key player in the development of geothermal resources in Croatia and reaffirms its commitment to long-term investment in renewable energy sources that contribute to the country’s energy independence.
The transaction is structured as a combination of an initial payment and a variable consideration component linked to future commercial electricity production at each of the three exploration sites. ENNA Geo will assume full ownership and control of the assets, with completion of the transaction expected in the second half of 2026.
“We are committed to developing renewable energy projects that contribute to Croatia’s energy independence and green transition. The key advantage of geothermal energy is its ability to generate power 24 hours a day, 365 days a year, regardless of weather conditions. We have the knowledge and experience required to develop geothermal energy projects, whose potential has also been recognised through the European Commission’s AccelerateEU plan, which, in the context of global instability, envisions a faster transition to domestically produced clean energy across the European Union,” said Ivana Meašić, Managing Director of ENNA Geo.
The Most Advanced Geothermal Power Projects in Croatia
ENNA Geo currently has two geothermal power plant projects in Croatia at an advanced stage of development: Zagocha, near Slatina, with a planned grid connection capacity of 20 MWe, and Babina Greda, with a planned capacity of 15 MWe.
The GE Zagocha project is the most advanced geothermal power plant development project in Croatia. Once operational, the plant is expected to generate more than 130,000 MWh of electricity annually, enough to supply more than 42,000 households. At the Slatina 2 exploitation field, drilling has been completed to a depth of 4,582 metres, making it the deepest geothermal well in Croatia. Water temperatures of up to 211°C have been recorded at the site.
At Babina Greda, the geothermal well reaches a depth of 4,083 metres, with water temperatures of 180°C, making the resource suitable for electricity generation. In addition, there is potential to utilise residual thermal energy for industrial processes, greenhouse fruit and vegetable production, district heating, drying facilities and other applications.
The total investment in GE Zagocha is estimated at €162.3 million, with commercial operations planned to commence in 2030. The investment in Babina Greda is estimated at €121.8 million, with the geothermal power plant expected to enter operation in 2032.
