ANNOUNCEMENT 11 Nov 2012

On 11 November 2012, the EIB provided financing worth EUR 150 million (USD 192 million).

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 11 Nov 2012 | Removal date: open ended

State loan

On 11 November 2012, the European Investment Bank (EIB) and Verbund AG signed an agreement worth EUR 150 million (approx. USD 192 million) for the project Verbund Psp Reisseck Ii from Austria. The total cost of the project is estimated at EUR 378 million.

According to the project description issued by the EIB, The project is a 430MW pumped storage scheme for hydroelectric power generation, located within the boundaries of the municipalities of Mühltal, Reisseck and Zandlach (Kärnten) at an altitude between 1600m and 2300m. It makes use of existing reservoirs and consists mainly of a new underground system of around 6km long water and access tunnels, the new Reisseck II pump and turbine house and a 3.5km long underground high voltage transmission cable..

The objective of the project is defined as following: The project supports EU and national energy objectives.

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.

AFFECTED SECTORS

 

AFFECTED PRODUCTS