The European Investment Bank (EIB) and UniCredit Bank Austria have agreed to finance the development of a 143MW wind farm.
EIB and UniCredit Bank will provide a total of $128.7m (€107.4m) in funding for the wind project in Austria.
This includes EIB’s direct loan of $85.8m (€71.6m) and an intermediated loan of $42.9m (€35.8m) through UniCredit Bank. The entire project will cost €143m.
EIB Austria operations vice-president 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.”
The European Fund for Strategic Investments has guaranteed the EIB’s direct loan.
Burgenland-based family business PÜSPÖK Group will operate the wind farm.
PÜSPÖK Group managing partner Lukas Püspök said: “This repowering project triples the energy produced over the same surface area, testifying to the technological and economic progress made in the use of wind power in the last 20 years.”
Construction works at the site began last year, and the wind farm will come online at the end of next year.
Once completed, the wind farm will have the capacity to generate enough energy for 90,000 households in the region.
Additionally, the banks say the project will support Austria’s objective to produce all its electricity using renewable generation by 2030.
Featuring 26 wind turbines, the project will become one of the largest wind farms in Austria.
In June, EIB decided to invest €43.5m in Cabrera Solar Project in Andalusia, Spain. The European Fund for Strategic Investments has backed this investment.