Burgenland Energie is Austria’s largest wind and solar PV company and has doubled its renewable energy generation capacity over the past five years. To achieve energy independence for Burgenland by 2030, the company plans to expand capacity by up to a further 2,000 megawatts (MW), equivalent to around 20 percent of Austria’s current wind and solar capacity. In addition to directly financing Burgenland Energie, the EIB has supported loans from Erste Bank and Landesbank Baden-Württemberg totalling 100 million euros 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” said EIB Vice-President Karl Nehammer. “Energy is now a question of security and competitiveness. Burgenland shows what can be achieved when ambitious regional projects, long-term finance and European support come together.”
The EIB financing is supported under the European Union’s InvestEU programme. The project also advances the REPowerEU plan to reduce Europe’s dependence on fossil fuels and accelerate the deployment of renewable energy.
“Austria and Europe need more renewable energy produced domestically” added Stephan Sharma, Chief Executive Officer of Burgenland Energie. “Five years ago, Burgenland was 50 percent energy-independent. Today, that figure has already reached 75 percent. This success demonstrates what is possible when you consistently believe in a vision and turn it into reality, step by step. Our goal remains unchanged: 100 percent energy independence and climate neutrality by 2030. The additional financing from the European Investment Bank sends a strong signal that Europe believes in this path and shares this vision. Together, we are demonstrating that the answer to the energy crisis, the climate crisis and dependence on fossil fuel imports lies in Europe’s renewable energy sources. Burgenland can show what Europe’s energy future could look like.”
The ambition to make Burgenland one of the world’s first climate-neutral and energy-independent regions by 2030 encompasses around 40 sites across the region. The total investment is estimated at approximately 1.5 billion euros. Other financing partners include the Austrian banks UniCredit Bank Austria and Raiffeisen Bank International, the Austrian insurer Wiener Städtische, and the German financial services group Talanx Group.
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