The European Investment Bank (EIB) and Erste Bank Austria have provided loans to support the construction of a 45-MW wind farm called Engelhartstetten in Lower Austria, the EIB said on Thursday on the occasion of the project’s ground-breaking ceremony.
The borrower is WindLandKraft GmbH, a green power supplier for Lower Austria, which set up a special purpose vehicle to advance the wind farm project.
The banks granted loans of up to EUR 79.2 million (USD 84.9m). The EIB’s share is EUR 51.5 million, while Erste Bank contributed EUR 27.7 million.
The total costs of the Engelhartstetten project are estimated to be close to EUR 90 million, the EU bank said.
Construction of the wind farm, which will feature 11 Vestas turbines, will last about 15 months. Connection to the grid is planned for December 2024, with commercial commissioning expected to begin in March 2025.
WindLandKraft’s wind farm will earn revenues thanks to power purchase agreements (PPA). The energy company has signed one 15-year PPA with Austria’s Lenzing AG (VIE:LNZ), a producer of wood-based textile fibres. Industrial gases supplier Messer Austria is also an off-taker.
(EUR 1.0 = USD 1.071)