EIB Funds New Wind Farm in Lower Austria to Power 40,000 Homes with Clean Energy

EIB Funds New Wind Farm in Lower Austria to Power 40,000 Homes with Clean Energy

(IN BRIEF) The European Investment Bank (EIB) has provided €20.1 million to WEB Windenergie AG (W.E.B) for the construction of a new wind farm in Spannberg, Lower Austria. The project’s first phase will build four wind turbines, with plans to add seven more by 2027/28, generating a total capacity of 62 MW—enough to power 40,000 households. This initiative supports Austria’s goal of fully meeting electricity needs with renewable energy by 2030 and contributes to the EU’s REPowerEU plan to reduce reliance on fossil fuels.

(PRESS RELEASE) LUXEMBOURG, 11-Sep-2024 — /EuropaWire/ — The European Investment Bank (EIB) has provided a €20.1 million loan to WEB Windenergie AG (W.E.B) to finance the first phase of a new wind farm in the Lower Austrian municipality of Spannberg. This phase will see the construction of four wind turbines, with plans for seven more in a second phase expected by 2027/28. The completed wind farm will have a total capacity of 62 MW, generating enough clean energy to power approximately 40,000 households.

W.E.B, one of Austria’s leading renewable energy companies, will use European-manufactured turbines from Vestas for the project. The EIB will cover half of the cost for the first phase, with the total project cost for all 11 turbines estimated at €115 million.

This project aligns with Austria’s ambitious goal to meet its entire electricity needs with renewable energy by 2030, a target outlined in the country’s Renewable Energy Expansion Law. EIB Vice-President Thomas Östros highlighted the bank’s long-standing support for Austrian wind energy projects, emphasizing the importance of reducing Europe’s reliance on fossil fuels. The Spannberg wind farm also contributes to the EU’s REPowerEU plan, aimed at accelerating the shift to renewable energy.

The first turbines are expected to be connected to the grid within a year, helping to further Austria’s progress toward becoming climate neutral by 2040.

EIB Group

The EIB Group is the long-term lending institution of the European Union. It finances sound investments that contribute to EU policy objectives and works closely with other EU institutions and bodies to advance shared priorities such as equitable growth and a just transition towards climate neutrality. The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing in 2023, of which €1.26 billion in Austria.

All new projects financed by the EIB Group are in line with the Paris Agreement. Investments in fossil fuels that do not reduce CO2 emissions are not eligible for financial support. The EIB Group is on track to deliver on its commitment to support €1 trillion in climate action and environmental sustainability investment in the decade to 2030, as pledged in its Climate Bank Roadmap. Over half of the EIB Group’s annual financing signed supports projects that directly contribute to climate change mitigation and adaptation, and to a healthier environment. About half of EIB funding in the European Union goes to cohesion regions, where per capita income is lower. In this way, the Bank promotes equitable growth to bring living standards up to par.

WEB Windenergie AG (WEB)

WEB Windenergie AG designs and operates renewable energy power plants, with a special focus on wind and solar power. Its 330 power plants have a total output of around 735 MW (as of 31 July 2024). In addition to Austria, it operates in Germany, France, Italy, Czechia, Slovakia, Canada and the United States. WEB Windenergie AG is a company with broad-based equity ownership that promotes the energy transition and civic engagement. It currently has over 6 700 shareholders.

Media Contact:

Antonie Kerwien
a.kerwien@eib.org
+352 4379 – 82175

Press Office

press@eib.org
+352 43791

SOURCE: European Investment Bank