Thursday 16 October 2014

EU loans €85m for wind power in Austria

The European Investment Bank (EIB) is providing an €85 million (£68m) loan for the development of wind power projects in Austria.

The funds will be channelled through the Raiffeisenlandesbank Niederösterreich-Wien AG (RLB NÖW) bank.

Project promoter WindLandKraft GmbH will build and operate three projects, which will include 34 turbines and have a total capacity of 105MW. It will be given €20 million (£16m) to cover the project’s initial construction phase.

They are scheduled to be commissioned by the end of 2015.

EIB Vice-President Wilhelm Molterer said: “This programme to expand renewable energy production demonstrates how seriously Austria takes climate action and environmental protection. At the same time, diversifying energy sources means greater long-term energy independence and security.”

The EIB has provided loans totalling €500 million (£400.3m) in the last three years for Austria’s wind sector.