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    Reference: 20110368
    Release date: 3 April 2012

    Promoter – Financial Intermediary

    VERBUND AG

    Location

    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)

    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

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Austria Energy