Connect with us

Austria

#EIB: Juncker Plan supports renewable energy and innovation in #Austria with more than €100 million in European Investment Bank finance

SHARE:

Published

8 years ago

on

We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. You can unsubscribe at any time.

The European Investment Bank (EIB) has signed two new deals in Austri: €48 million to windfarm operator Simonsfeld, of which €35 million is backed by the European Fund for Strategic Investments (EFSI), and €70 million to powertrain system developer AVL, also backed by the EFSI. Simonsfeld will use the financing boost to build and operate three new wind farms in Austria with a total capacity of 39 MW, which equates to the energy consumption of around 25,000 homes.

Commenting on the agreement, Commission Vice President responsible for Energy Union Maroš Šefčovič said: "This positive decision reflects the new reality – the EU's resolute transition to clean energy. Austria in particular is well on track to reach its 2020 target for renewable energy. These are precisely the steps we need in order to pave the way to a swift implementation of the Paris agreement."

AVL, the powertrain system developer, will use the EFSI-backed loan to expand its research and development activities, developing new, innovative and environmentally-friendly technology to use in hybrid and fully electric powertrains as well as advanced driver assistance systems (ADAS) for connected and autonomous vehicles.

For more information and all the latest EFSI results see the Investment Plan website. 

Share this article:

Share this:
Related Topics:
EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter. Please see EU Reporter’s full Terms and Conditions of publication for more information EU Reporter embraces artificial intelligence as a tool to enhance journalistic quality, efficiency, and accessibility, while maintaining strict human editorial oversight, ethical standards, and transparency in all AI-assisted content. Please see EU Reporter’s full A.I. Policy for more information.
Advertisement

Trending