Star Energy Group sells geothermal subsidiary in Croatia
Galeria Petar Smajic in Ernestinovo, Croatia (source: Rp031, CC BY-SA 4.0, via Wikimedia Commons)
Carlo Cariaga
27 Apr 2026
Citing the lack of premium price tariffs for geothermal power in Croatia, UK-based Star Energy Group has sold its Croatian geothermal business to Enna Geo.
UK-based Star Energy Group has announced the sale the sale of its Croatian subsidiary, IGeoPen, to Enna Geo. This also transfers control over three geothermal exploration licenses that IGeoPen has in Croatia, specifically in the Ernestinovo, Sjece, and Pcelic sites.
The transaction involves an initial cash consideration of EUR 1.5 million, plus a financial earn-out of EUR 0.5 million which is payable on the commercial operation date of a geothermal power plant developed on each of the three license areas.
In late 2024, the Star Energy Group entered the Croatian geothermal market through the acquisition of A14 Energy Limited, which eventually became the parent company for IGeoPen. Later that year, IGeoPen acquired the Sjece and Pcelic geothermal exploration licenses through a public tender. After a few months, the company announced that is had deployed a drilling rig to the Ernestinovo geothermal site. Star Energy Group had not published any information on whether a drilling campaign had started, or any of its results.
In the statement announcing the sale of IGeoPen, Star Energy Group indicated it had recorded a loss of EUR 3.2 million at the end of 2024, and net liabilities of EUR 5.5 million. Forecasted losses for 2025 were at EUR 1.6 million. Another reason cited for the decision to sell was the delay in the announcement of a premium price tariff for geothermal projects in Croatia. Thus, the company made the strategic decision to refocus on its UK oil and gas and geothermal assets.
“This transaction is about capital discipline, simplification and strategic focus,” said Ross Glover, CEO of Star Energy Group.
“It releases meaningful cash of €5.2 million, enhances financial flexibility and enables us to focus fully on our UK operations where we see the clearest path to value creation. That puts management’s attention firmly where we see the best route to creating shareholder value: a stronger and more resilient UK oil and gas business, pursuing inorganic oil and gas growth opportunities to create value from our £250 million of tax losses, and maintaining our UK geothermal option at low cost while we continue to push for policy change in both geothermal energy but also in domestic oil and gas production.”
Enna Geo, a subsidiary of the Energia Naturalis (ENNA Group), had already completed drilling and well testing at the Zagocha geothermal site, with tests indicating a resource temperature of above 200 C. The company had also started drilling at the Babina Greda geothermal site.
Interestingly, the lack of a premium price tariff for geothermal power in Croatia had also been pointed out by Ivana Meašic, the Director of Enna Geo, as one of the major reasons for the slow progress of their projects. As stated by Meašic in an interview in 2025, Enna Geo had already been waiting for a year and a half for announcement of the premium tender for geothermal quotas.
Source: Star Energy Group
