Austria: EIB supports PÜSPÖK with €80 million for agrivoltaics

This article is published in association with European Investment Bank.

• The EU bank is co-funding the construction of six solar farms with battery storage in Burgenland by 2026.
• Erste Bank also participates in this transaction.
• The project will generate clean electricity for 71 000 households.

The European Investment Bank (EIB) is providing €80 million to the 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.

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 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 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, 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.

Background information

The EIB Group is the long-term lending institution of the European Union. It finances sound investments that pursue EU policy objectives, and works closely with other EU institutions and bodies to advance shared priorities like equitable growth and a just transition to climate neutrality. Last year the EIB Group, which also contains the European Investment Fund, signed a total of €88 billion in financing, of which€1.26 billion went to Austria. More than half of the financing signed annually by the EIB Group supports projects that contribute directly to climate change mitigation and adaptation, and to a healthier environment. Around half of EIB funding in the European Union goes to cohesion regions, where per capita income is lower. In this way, the Bank promotes equitable growth to bring living standards up to par.

For more than 25 years PÜSPÖK, a family-owned company headquartered in Parndorf and Vienna, has been working to generate electricity from renewable sources. Their expertise ranges from the development, financing, construction and operation of wind power and photovoltaic systems, to repowering as well as the implementation of electricity storage. The company currently generates clean electricity for more than 280 000 households, making it one of Austria’s largest private electricity producers. To stop climate change and leave the next generation a planet worth living on, PÜSPÖK works far beyond the limits of its own energy projects to protect the environment while preserving social justice. www.puespoek.at

For more than two centuries, Erste Bank and savings banks (Sparkassen) have been working to ensure the financial health of their now 4.2 million retail customers and SMEs with a comprehensive range of products and personal services. The Austrian group of savings banks is a service provider for all financial products, and is also a strong partner in Austria for financing real estate and residential projects. Savings banks are a reliable partner for industry and have close ties to the regions in which they operate. From the start, supporting public welfare has been a main pillar of their business model.