EIB and Erste Bank support renewable energy expansion in Austria

EIB and Erste Bank support renewable energy expansion in Austria

  •  Release date: 08 June 2018
  •  Reference: 2018-148-EN
  • EU bank lends Energiepark Bruck €19.3 million for “Bruckneudorf” and “Höflein West” wind farm projects
  • Erste Bank finances new project to the tune of €8 million
  • Financing provided under Investment Plan for Europe (“Juncker Plan”)

The European Investment Bank (EIB) is lending Energiepark Bruck/Leitha a total of €19.3 million to carry out its “Bruckneudorf” and “Höflein West” wind farm projects. The two sites will have a joint capacity of 17 MW (6.5 MW for Bruckneudorf and10.5 MW for Höflein West). Erste Bank is also participating in the €27.3 million financing plan.

The EU bank’s loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI). EFSI is an essential pillar of the Investment Plan for Europe (IPE) – also known as the Juncker Plan – under which the EIB and the European Commission are working together as strategic partners and the EIB’s financing operations are boosting the competitiveness of the European economy.

"The promotion of a sustainable, competitive and secure energy supply is a key EU policy objective and an important area of lending activity for the European Investment Bank. We are very pleased to be able to promote the development of renewable energies in Austria in close – and already successful – cooperation with our Austrian partners. We are doing this with the aid of the EFSI guarantee facility, set up with EU budgetary funds and the EIB’s own resources and managed by the Bank. The Bruckneudorf and Höflein West wind farm projects send a further clear signal that Austria takes climate action and environmental protection very seriously,” said the EIB Vice-President responsible for Austria, Andrew McDowell.

Energiepark Bruck Director Michael Hannesschläger welcomed the successful completion of the financing plan: “Following our good experience with our previous wind farm project, it was clear that Energiepark Bruck/Leitha would again seek EFSI financing. We are therefore delighted that we have once again been able to obtain an attractive financing package”.

“We have been financing Energiepark Bruck an der Leitha for several years now because we believe in the future of wind power”, said Stefan Dörfler, Chairman and CEO of Erste Bank Oesterreich. “This is already the third joint operation with the European Investment Bank in which we are providing substantial cofinancing for the future of clean energy generation in Austria”.

Commission Vice-President Jyrki Katainen added: "The EU is committed to supporting the clean energy transition in Europe. Financing for wind farms is a long term transaction and high risk by nature, which is where the European Fund for Strategic Investments is essential in providing the EU budget guarantee. It is very positive that the project is cofinanced by the private sector in the form of Erste Bank."

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