The European Investment Bank is partnering with UniCredit to finance one of Austria’s largest windfarms.
The two banks are providing €107.4 million ($128.7 million) for the development of a 143 MW windfarm in the state of Burgenland.
The EIB is providing a direct loan of €71.6 million ($85.8 million) and an intermediated loan to UniCredit Bank Austria of €35.8 million ($42.9 million) for the project.
Construction of the windfarm was launched in autumn 2019 and is expected to reach completion at the end of 2021.
The project will comprise 26 turbines and produce enough energy to power 90,000 homes.
The facility will be run by PÜSPÖK Group. This family business based in Burgenland has been developing and operating wind farms in Austria since the late 1990s, currently supplying 160 000 households in the country with electricity.
The wind farm is a step ahead by Austria towards achieving its energy decarbonisation goal.
Austria is aiming to produce its entire electricity supply using renewable energies by 2030.
The two banks are confident that through such a project the bloc will reach the goals of the European Green Deal and achieve climate neutrality by 2050.
Susanne Wendler, board member of UniCredit Bank Austria’s, said: “With this fresh start after the coronavirus crisis, we now have a unique opportunity to join forces and drive the Austrian economy’s transition to a sustainable, climate-friendly system.
“Unternehmerbank”. “Banks bear a particular responsibility in this task because the business decisions we make are capable of generating far greater leverage than those of any other sector.”
The EIB Vice-President responsible for operations in Austria, Andrew McDowell, said: “Austria is emphatically pursuing its changeover to a sustainable, competitive and secure energy supply. The development of wind power is playing an important role in this energy transition. We are therefore very pleased to welcome the cooperation with the PÜSPÖK Group and the construction of a new wind farm in the state of Burgenland, which has been a trailblazer for wind power in Austria. As the EU climate bank, we have made the transition to renewable sources of energy a key policy objective and a priority sector for our financing.”