The European Investment Bank (EIB) and Erste Bank Austria have extended loans to support the development of the Engelhartstetten wind farm, a 45-MW project located in Lower Austria. The announcement was made during the groundbreaking ceremony for the initiative, which is spearheaded by green power supplier WindLandKraft GmbH.
The loans, totaling up to EUR 79.2 million (USD 84.9 million), will facilitate the construction of the wind farm, featuring 11 Vestas turbines. The EIB's contribution to the financing is EUR 51.5 million, while Erste Bank has provided EUR 27.7 million. The overall estimated cost of the Engelhartstetten project is close to EUR 90 million.
The construction phase of the wind farm is projected to last approximately 15 months, with grid connection scheduled for December 2024. Commercial commissioning is expected to commence in March 2025, marking a significant milestone for the renewable energy initiative.
WindLandKraft has structured the project under a special purpose vehicle, with the wind farm set to generate revenues through power purchase agreements (PPA). The company has secured a 15-year PPA with Austria's Lenzing AG, a leading producer of wood-based textile fibers. Additionally, industrial gases supplier Messer Austria has also committed to being an off-taker for the generated energy.
The collaboration between the EIB and Erste Bank Austria underscores the commitment to advancing sustainable energy projects and supporting the transition to renewable sources. The Engelhartstetten wind farm represents a notable step forward in Austria's renewable energy landscape, contributing to the country's efforts to expand its clean energy capacity.