Wednesday 24 January 2018

EU bank backs Austrian wind with €48m financing

The European Investment Bank (EIB) is providing €48 million (£41.9m) in financing for the construction and operation of three new wind farms in Austria.

They will have a total capacity of 39MW and will be operated by Windkraft Simonsfeld, which has a portfolio that amounts to 168MW.

The new wind farms will generate enough electricity to power around 25,000 households.

The bulk of the package - €35 million (£30.5m) – will be used by the firm's subsidiary Windpark Kewuzstetten IV GmbH while the remaining funds will be used for project financing via Erste Bank Österreich.

Maros Sefcovic, Commission Vice President responsible for the Energy Union said: “This positive decision reflects the new reality – the EU's resolute transition to clean energy. Austria in particular is well on track to reach its 2020 target for renewable energy. These are precisely the steps we need in order to pave the way to a swift implementation of the Paris Agreement.”