European Investment Bank (EIB) Supports Puespoek Group with €80 Million for Agrivoltaics in Austria
/LONDON, November 21, 2024, 11:30 GMT, EIB, RENEWABLE MARKET WATCHTM/ The European Investment Bank (EIB) is providing €80 million to the Puespoek (PÜSPÖK) Group to build six agrivoltaic farms in Burgenland, Austria. This innovative project is being financed together with Erste Bank of the Austrian group of savings banks (Sparkassen). Erste Bank is providing a loan of €43 million, of which €28 million will be refinanced by the EIB.
The By mid-2026, agrivoltaic plants with a total capacity of 257 MWp will be built in Nickelsdorf, Parndorf, Gattendorf and Mönchhof, accompanied by a modern battery storage system with a capacity of 4.1 MW/8.6 MWh. These plants will be able to meet the electricity needs of 71 000 households, making a major contribution to stronger security of supply and independence from energy imports.
“Rapidly expanding renewable energy is crucial for decarbonising the economy. The solar farms planned by Puespoek (PÜSPÖK) represent another important step on the road to a climate-neutral energy supply and will help reduce Europe’s dependence on oil and gas imports,” EIB Vice-President Thomas Östros said.
The projects will be run under feed-in premium schemes, in accordance with the Austrian Renewables Expansion Act. The operation is also supported by the European Union’s REPowerEU plan, the goal of which is to rapidly reduce Europe’s dependence on fossil fuels. Thanks to REPowerEU, the EIB can finance 72% of the total project cost of €144 million – an exceptionally high share compared to the usual 30-50%.
“The support of the EIB and Erste Bank is enabling us to realise six agrivoltaic farms, which constitute a milestone on our path towards a sustainable energy future. With a capacity of 257 MWp, not only are we accelerating Austria’s transition to energy independence, but we are also moving closer to achieving our climate goals. By integrating a high-performance battery energy storage system, we will ensure more stable feed-in and relieve the load on the grids,” explained Lukas Püspök, CEO of Puespoek (PÜSPÖK).
“This project is an important step for climate action and a liveable future. The green transformation of the economy is one of the greatest challenges of our time. However, it is also an enormous growth opportunity for innovative companies. By building these solar farms, Puespoek (PÜSPÖK) is helping create a decisive factor for a successful future: a reliable, sustainable energy supply. That is why we are especially pleased to be a partner in this forward-looking project,” said Hans Unterdorfer, director for business clients at Erste Bank.
The investment also furthers the objectives of Austria’s National Energy and Climate Plan with the aim of converting all electricity generation to renewables by 2030.
About Puespoek Group
The Austrian family business Puespoek (PÜSPÖK) has produced electricity from renewable energy for over 25 years. Its expertise ranges from developing, financing, constructing and operating wind power and photovoltaic systems to repowering projects and electricity marketing. The company currently produces clean electricity for around 275,000 households and is one of Austria's largest private electricity producers. Puespoek Group has launched a solar PV offensive with its agricultural photovoltaic plant (Agri-PV) Nickelsdorf I. Once completed, the company will generate clean electricity for around 100,000 additional households.
Image description: Commissioning of Nickelsdorf I: Georg Prantl and Julia family - organic farmers, Lukas Puespoek - Managing Director of the Puespoek Group, Gerhard Zapfl - Mayor of Nickelsdorf, with sheep.
Image credit: Puespoek/alexlangphoto.com
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