The European Investment Bank (EIB) is providing a €320 million loan for the construction of the Ebensee pumped storage power plant in Upper Austria. Energie AG plans to invest over €600 million in hydropower expansion, supported by a €400 million financing package approved by the EIB.
The Ebensee facility will function as a “green battery,” balancing fluctuations in wind and solar power generation while ensuring a stable energy supply. Financing agreements for the project were signed at EIB headquarters in Luxembourg.
This investment is the largest in Energie AG Oberösterreich’s history and marks a significant step in Upper Austria’s energy transition. An additional €80 million in EIB financing has been preliminarily approved for the Traunfall run-of-river hydropower plant, which will replace three aging plants. Final financing contracts for the Traunfall project are expected in 2025, pending Supervisory Board approval.
“Rapidly expanding renewable energy is crucial for decarbonising the economy. The hydropower plants by Energie AG Oberösterreich are another important step on the road to a climate-neutral energy supply, and will help reduce Europe’s dependence on oil and gas imports,” said EIB Vice-President Thomas Östros.
“Our strategy at Energie AG Oberösterreich has set a course for maximum carbon reduction throughout the entire company. All told, we will be investing €4 billion by 2035 to expand renewable energy and grids. We are also making major investments in green hydrogen production,” said Leonhard Schitter, Chair and CEO of Energie AG Oberösterreich.
“In the coming decades, the energy sector – including Energie AG Oberösterreich – will be influenced by high investment requirements for the process of transformation needed to develop a sustainable energy system. A key success factor in this process will be providing for future financing requirements early, with optimal borrowing and framework conditions. With the EIB, we are delighted to have a strong partner on board for this challenge,” said Andreas Kolar, CFO of Energie AG Oberösterreich.
The project aligns with REPowerEU, the European Union’s plan to reduce fossil fuel dependence. Under this initiative, the EIB can finance a larger share of project costs than the usual 30-50%. It also supports Austria’s National Energy and Climate Plan, which aims to transition all electricity generation to renewable sources by 2030.
