European Investment Bank (EIB) and UniCredit Bank Austria agree funding to help firms invest in renewable energy and energy efficiency.
The EIB has announced a framework loan of €92m to support UniCredit Bank Austria’s development of a $200m programme of clean energy projects.
The EIB financing will allow UniCredit Bank Austria to help small and medium-sized renewable energy and energy efficiency projects in Austria as the country aims to have all energy produced renewably by 2030. This will include a 100,000 solar roofs programme, while hydropower, along with pumped storage and wind farms, are also part of the government’s programme.
These ambitious government goals have created a high demand for new, climate-friendly energy projects in Austria, leading to a lack of competitively priced long-term financing available for smaller and medium-sized renewable energy and energy efficiency projects.
EIB vice-president Thomas Östros said: “We are very pleased to cooperate with UniCredit Bank Austria to get renewable energy and energy efficiency projects up and running. Austria already benefits from one of Europe’s most developed and efficient green energy markets with a strong record of successful climate action investments as well as an important pipeline of new projects expected in the coming years. The EIB will remain a strong and reliable partner in developing these sectors in Austria and supporting Europe’s transition to a fossil-free future.”
Dieter Hengl, member of the Management Board of UniCredit Bank Austria responsible for corporates, added: “The financial sector as a whole has a central role to play in the transition to a low-carbon economy. Channelling money flows into sustainable, climate-friendly industries, activities and initiatives is the key joint challenge of the future. I am very pleased that we are the first bank in Austria to have signed the climate action facility loan with the EIB. Together with the EIB, we are helping companies to become sustainable and climate-friendly and can thus enable our customers to invest in these important issues at particularly advantageous conditions.”