Austria – Investments in small and medium-sized renewable energy and energy efficiency projects in Austria will be supported by the European Investment Bank (EIB) and UniCredit Bank Austria.
The Austrian bank will receive a framework loan from the EIB of up to €92 million, and it will then build a credit portfolio for up to €200 million in clean energy project financing.
The Austrian government wants to generate all of its electricity from wind, solar, and hydropower by the year 2030, demonstrating the high demand for renewable energy and energy efficiency projects. Decentralized photovoltaic systems, such as a program to install 100,000 solar roofs, are anticipated to be important. The government’s program also includes wind farms, pumped storage, and hydropower.
Climate action
Austrians have a high demand for new, environmentally friendly energy projects as a result of these ambitious government goals. This has resulted in a dearth of long-term financing options for smaller and medium-sized renewable energy and energy efficiency projects that are competitively priced.
Together with partner banks and other financial intermediaries, the EIB seeks to close this market gap. In order to achieve this, the EU bank last year gave Austria a loan for a climate action program. The first sub-operation under this EIB program is the framework loan for UniCredit Bank Austria that was just announced.
With a sizable pipeline of projects in Austria, UniCredit Bank Austria has a strong track record in financing for renewable energy and energy efficiency in Western Europe.
