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EIB backs 42-MW wind project in Austria with EUR-37m loan

Wind farm in Austria. Author: Andrij Bulba. License: Creative Commons: Attribution 2.0 Generic

March 9 (SeeNews) - The European Investment Bank (EIB) said on Wednesday it will provide a EUR-36.7-million (USD 40m) loan to Oesterreichische Bundesforste AG (OeBf) for the construction of a 42-MW wind park in southern Austria.

EIB will lend the money to special purpose vehicle Windpark Pretul GmbH, which will erect 14 pieces of 3-MW wind turbines at the top of a mountain ridge as part of the EUR-49-million project in Styria. The project also involves setting up a 7-km (4.3-mile) line that will connect the turbines to an existing substation.

Turbine installation is scheduled for October 2016 and the completed wind park is expected to be handed over in February 2017.

The EIB loan will be enough to fund up to 75% of the project’s total cost, the bank said, adding that this will be its first direct loan to support wind power generation in Austria.

(EUR 1.0 = USD 1.095)

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