VERBUND PSP REISSECK II

Promoter – Financial Intermediary

VERBUND AG

Location

• Austria

Description

The project is a 430MW pumped storage scheme for hydroelectric power generation, located within the boundaries of the municipalities of Mühltal, Reisseck and Zandlach (Kärnten). It comprises new electricity generating equipment, an underground transmission cable, a new underground system of 5.3km long water tunnels, shafts, caverns, pump and turbine houses.

The project will link-in with the existing pumped storages Malta and Kreuzeck in the same area, which have at present a combined capacity of 1029MW. It makes use of existing reservoirs and takes advantage of their significant water volumes and elevation difference between water intake and discharge. As a result the project does not require new water reservoirs. Overall the project will allow for a more efficient use of water resources currently feeding the two existing storage schemes while significantly increasing the operational flexibility and electricity generation capacity in the regi

Objectives

The project supports EU and national energy objectives

Sector(s)

• Energy

Proposed EIB finance (Approximate amount)

EUR 150 million

Total cost (Approximate amount)

EUR 378 million

Environmental aspects

The project is an expansion of two existing hydroelectric power generation schemes. The promoter has conducted an environmental impact assessment, which was approved by the national authorities in October 2009.

Procurement

The European Commission has exempted the generation of electricity in Austria from public procurement provisions by Decision 2008/585/EC. The Bank will review the project’s procurement procedures to ensure that its funds are used appropriately for the purchase of works, goods and services.

Status

Signed - 12/11/2012