European Investment Bank and EAPB member Erste Bank support renewable energy expansion in Austria

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."

Note to the editor:

European Investment Bank

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

Investment Plan for Europe

The Investment Plan for Europe (the Juncker Plan) is one of the EU's key actions to boost investment in Europe, thereby creating jobs and fostering growth. To this end, smarter use will be made of new and existing financial resources. The EIB Group is playing a vital role in this investment plan. With guarantees from the European Fund for Strategic Investments (EFSI), the EIB and the European Investment Fund (EIF) are able to take on a higher share of the risk in projects, encouraging private investors to participate in these projects. EFSI was initially intended to mobilise investment of €315 billion throughout the EU over a period of three years until mid-2018. In December 2017, the European Parliament and Member States reached an agreement to extend the duration of EFSI to 2020 and increase its financial capacity to €500 billion. In addition to EFSI, the new EIAH advisory platform helps public and private sector project promoters to structure investment projects more professionally. The investment plan should also create a more investment-friendly EU regulatory environment, particularly in the digital, energy and capital markets sectors.

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