This news is classified in: Sustainable Energy Energy Efficiency
Dec 2, 2022
The European Investment Bank (EIB) and RLB NÖ-Wien will support investments in small and medium-sized renewable energy and energy efficiency projects in Austria. The EIB will make a framework loan of up to €100 million available to the Austrian regional bank, which will then create a credit portfolio of up to €200 million for financing clean energy projects.
Austrian demand for renewable energy and energy efficiency projects is high: the government aims to generate 100% of electricity from wind, solar and hydropower by 2030. These ambitious government goals have boosted demand for new, climate-friendly energy projects across the country. The result has been an increased need for long-term, competitively priced financing for smaller and medium-sized renewable energy and energy efficiency projects.
The EIB aims to fill this market gap together with partner banks and other financial intermediaries. To this end, last year the EU bank provided a climate action programme loan to Austria. The framework loan for RLB NÖ-Wien announced today is another sub-operation under this EIB programme.
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RLB NÖ-Wien has many years of experience in financing renewable energy projects in its home regions of Lower Austria and Vienna – and beyond its borders.
EIB Vice-President Thomas Östros said: “Austria already benefits from one of Europe’s most developed and efficient green energy markets. The government`s record of successful climate action investments is strong. Therefore, we expect an important pipeline of new projects in the coming years. We are very pleased to cooperate with RLB NÖ-Wien to get renewable energy and energy efficiency projects up and running. The EIB will remain a strong and reliable partner in developing these sectors in Austria, as we are strongly supporting Europe’s transition to a fossil-free future.”
“We are proud to serve a pioneer in financing the regional expansion of renewable energies, above all, wind power in Austria, for more than 20 years,“ commented Reinhard Karl, Deputy Chairman of RLB NÖ-Wien, who is responsible for the Corporate Clients Segment. “The current sharp rise in energy prices clearly shows the necessity of independent solutions in the form of renewable energies. We are therefore particularly pleased over the extension of our partnership with the European Investment Bank. It represents an important step on our consequent path to drive the energy transformation. This EIB framework loan will be directed, above all, to supporting small and medium-sized companies in realising energy efficiency improvements and cost savings.”