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Wind park financing provides green energy boost in Austria

Wednesday 02 Sep 2020

EIB and UniCredit Bank Austria are financing the development of one of Austria's largest wind farms

The European Investment Bank (EIB) and UniCredit Bank Austria have agreed to finance a 143MW wind farm that will provide around 90,000 households with electricity from renewable energy sources.

The planned investment totals €143 million of equity and borrowed capital, of which €71.6 million is a direct loan from EIB and €35.8 million is from UniCredit Bank Austria as an intermediated loan.

Austria is aiming to produce its entire electricity supply using renewable energies by 2030. To achieve this goal, major steps have already been taken in the form of wind farm repowering – that is, replacing older, smaller wind turbines with newer, larger and more efficient designs.

Examples of these repowering projects can be found in the municipalities of Gols and Mönchhof in Burgenland. Construction was launched in autumn 2019 and is expected to reach completion at the end of 2021.