The European Investment Bank has provided an additional €20 million loan to Burgenland Energie to support the expansion of wind and solar power in Austria’s eastern state of Burgenland.
The new financing follows a €250 million EIB loan to the company last year for the same project, the EIB announced in a statement on Tuesday.
Burgenland Energie, described by the EIB as Austria’s largest wind and solar photovoltaic (PV) company, plans to increase renewable generation capacity by up to a further 2,000 megawatts (MW) by 2030.
The EIB said that is equivalent to around 20% of Austria’s current wind and solar capacity.
The EIB has also supported loans totalling €100 million from Erste Bank and Landesbank Baden-Württemberg for the project.
“Investments like these are making Europe’s energy independence a reality while strengthening our industrial base and the fight against climate change,” EIB Vice-President Karl Nehammer said.
Plan targets 2030 energy independence
Burgenland was 50% energy-independent five years ago and has now reached 75%, Burgenland Energie chief executive Stephan Sharma pointed out.
He said the company’s goal is 100% energy independence and climate neutrality by 2030.
The EIB added that its financing is supported under the European Union’s InvestEU programme and advances the REPowerEU plan, which is intended to reduce Europe’s dependence on fossil fuels and speed up the deployment of renewable energy.
The wider plan to make Burgenland climate-neutral and energy-independent by 2030 includes around 40 sites across the region, with total investment estimated at about €1.5 billion.
Other financing partners include UniCredit Bank Austria, Raiffeisen Bank International, Wiener Städtische and the Talanx Group.
