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.