BAKU, Azerbaijan, March 19. The European Investment Bank (EIB) has approved a €400 million financing package for Energie AG Oberösterreich to support the expansion of hydropower in Upper Austria, Trend reports citing the EIB.
The investment will fund a new pumped storage power plant in Ebensee and a run-of-river hydropower plant in Roitham/Traunfall, with Energie AG planning a total investment of over €600 million.
The Ebensee pumped storage power plant will function as a green battery, balancing fluctuations in wind and solar power generation while ensuring a stable energy supply. Financing agreements worth €320 million for this project were signed at EIB headquarters in Luxembourg. The Ebensee project is the largest investment in Energie AG’s history and marks a key step in Upper Austria’s energy transition.
Additionally, €80 million in financing has been pre-approved for the Traunfall run-of-river power plant, which will replace three aging hydropower plants. The final financing contracts are expected to be signed in 2025, pending approval from Energie AG’s Supervisory Board.
This initiative aligns with the REPowerEU plan, aimed at reducing Europe’s dependence on fossil fuels. Under this framework, the EIB is able to finance a higher share of total project costs than the usual 30-50%. The investment also supports Austria’s National Energy and Climate Plan, which aims to transition all electricity generation to renewable sources by 2030.