EIB leads €250M loan for Austria’s largest solar and wind energy project

BAKU, Azerbaijan, March 4. The European
Investment Bank (EIB), along with Austria’s largest banks
(UniCredit Bank Austria, Raiffeisen Bank International, Erste Bank,
and Wiener Städtische) and European financing institutions (LBBW,
Talanx Group), is supporting the largest portfolio for solar and
wind power construction in Austria with a loan of 250 million
euros, Trend
reports.

An additional 100 million euros will be provided through loans
from Erste Bank and LBBW. This marks the largest financing in
Austria for photovoltaic and wind energy that the EIB has ever
participated in.

Burgenland Energie, Austria’s largest wind and photovoltaic
company, has established a project pipeline for approximately 2,000
MW in wind and solar capacity across Austria. Some projects are
already operational or under construction.

These projects, distributed throughout Burgenland, aim to make
the region energy-independent and secure. Burgenland, one of the
sunniest and windiest regions in Austria, plans to become
climate-neutral and energy-independent by 2030.

The project includes a 200 million euro equity investment and
500 million euros in debt financing by the end of 2026. The
financing structure follows a modern, leading project financing
model to fund renewable energy growth across Europe. It is a
non-recourse financing arrangement, where repayment will be funded
by future cash flows.

This project aligns with the EU’s InvestEU program and supports
the REPowerEU plan to reduce Europe’s dependence on fossil fuels.
The EIB Group is providing additional funding for REPowerEU, having
already financed 21 billion euros by the end of 2023.

The Burgenland state government is also entering the project
through a strategic partnership under the “Project Tomorrow”
initiative, which will ensure energy security and long-term
planning for the region. The project will also provide economic
stimulus through job creation and CO2 emissions reduction.

Burgenland Energie plans to implement up to 40 wind and
photovoltaic hybrid projects across the region, fostering local
involvement and generating a significant economic impact.