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“With this fresh start after the coronavirus crisis, we now have a unique opportunity to join forces and drive the Austrian economy's transition to a sustainable, climate-friendly system,” said Susanne Wendler, board member of UniCredit Bank Austria's “Unternehmerbank”.

“Banks bear a particular responsibility in this task because the business decisions we make are capable of generating far greater leverage than those of any other sector.”

Austria is aiming to produce its entire electricity supply using renewable energies by 2030. To achieve this goal, major steps have already been taken in the form of wind farm repowering. An example of these repowering projects can be found in the municipalities of Gols and Mönchhof in Burgenland. Construction was launched in autumn 2019 and is expected to reach completion at the end of 2021. The entire wind farm will have capacity of 143 MW and provide around 90 000 households with electricity produced from renewable sources. With its 26 turbines, the project is one of the largest wind farms in Austria.

The facility will be run by PÜSPÖK Group. This family business based in Burgenland has been developing and operating wind farms in Austria since the late 1990s, currently supplying 160 000 households in the country with electricity.

The volume of equity and borrowed capital for the planned investment in the wind farm totals €143 million. The European Investement Bank provides to the total portion of borrowed capital of €107,4 million a direct loan of 71,6 million and an intermediated loan to UniCredit Bank Austria of 35.8 million. The EIB direct loan is backed by a guarantee from the EFSI, the financial pillar of the Investment Plan for Europe. Under this plan, the EIB and the European Commission are working together as strategic partners to boost the competitiveness of the European economy.