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EIB to fund 42 MW wind farm in Austria

CTBR Staff Writer Published 10 March 2016

European Investment Bank (EIB) has granted €36.7m loan to Austria-based corporation Österreichische Bundesforste (ÖBf AG) for the construction of a wind farm in Styria.

Austria wind park

It is first direct loan by EIB towards wind electricity generation in Austria.

The loan will fund the construction of a 42 MW wind farm which consists of 14 wind turbines having power output of 3 MW each and a 7 km line which links them to an already established electricity substation.

The turbines deployment is expected to be completed in October 2016. The delivery of the wind farm is slated to take place in February 2017 after the completion of commissioning tests.

The wind farm will be situated on top of a mountain ridge near "Pretulalpe" at an altitude of about 1600m above sea level.

On completion, the wind farm is expected to produce 84 GWh of power per year, helping meet Austrian government's target of building 2000 MW of additional wind capacity between 2010 and 2020.

The project intends to enhance the utilization of renewable energy sources. EIB will finance up to 75% of the total cost of the project, which would cost about €49m.

Österreichische Bundesforste has set up a special purpose vehicle named Windpark Pretul for the borrowing purpose. OBF would be the project promoter.

Österreichische Bundesforste manages Austria's natural resources and owns around one-tenth of the country's entire territory.

Recently, EIB provided €16m to help finance its first wind power project in Sweden under the European Fund for Strategic Investments (EFSI).

The bank became the co-investor in the construction of the 20MW Langmarken onshore wind farm situated in Varmland county with Mirova and Eolus.

Image: The wind farm will be located situated on a mountain top near "Pretulalpe". Photo: Courtesy of European Investment Bank 2016.