The wind farm in the municipality of Spannberg is the fourth of its kind and will include a total of 11 wind turbines. An initial phase will see the construction of four turbines, expected to be followed by seven more in 2027/28. The wind farm will have a total capacity of around 62 MW, covering the average energy use of approximately 40,000 households.

Austrian renewable energy company W.E.B is one of the largest wind farm developers in the country and has operations in seven international markets. It also operates solar and hydroelectric power plants. A special-purpose vehicle has been set up for the Spannberg wind farm, which will use turbines from European manufacturer Vestas. The EIB will cover half of the project cost for the initial construction phase, with total project costs for the wind farm with 11 wind turbines expected to be around €115 million.

“We have been working with Austrian wind farm developers for over ten years,” said EIB Vice-President Thomas Östros. “We have a great collaboration, and our financing not only supports Europe's independence from fossil fuels but also Austria's ambitious goal of covering its entire electricity needs with renewable energy by 2030.”

In 2021, the Austrian parliament adopted the Renewable Energy Expansion Law, which aims to ensure that national electricity needs will be fully covered by renewable energy by 2030 and that the country is climate neutral by 2040. In 2022, Lower Austria also approved an energy transition acceleration platform to simplify authorization procedures for renewable energies.

“Wind energy is among the most efficient forms of electricity generation, and is a key building block of energy independence,” said W.E.B Chief Financial Officer Michael Trcka. “Investing in new wind farms will therefore make a major economic and environmental contribution to Europe. We are pleased to be expanding wind energy in Spannberg with the EIB, one of the world's largest financiers of climate action.”

Construction of the wind farm began in May, with the first four wind turbines expected to be connected to the grid within a year. Each of the nearly 150 meter-high (without blades) wind turbines will then supply electricity for about 3,800 households. The wind farm supports the European Union's REPowerEU plan, which aims to reduce European dependence on fossil fuels as quickly as possible. The EIB Group will provide an additional €45 billion for REPowerEU by 2027, providing financing of €21 billion to the plan by the end of 2023.