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Signature(s)

Amount
€ 280,000,000
Countries
Sector(s)
Austria : € 280,000,000
Energy : € 280,000,000
Signature date(s)
24/06/2014 : € 280,000,000
Link to source
Data sheet

Summary sheet

Release date
15 April 2014
Status
Reference
Signed | 24/06/2014
20140022
Project name
Promoter - financial intermediary
OBERVERMUNTWERK
VORARLBERGER ILLWERKE AG
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 280 million
EUR 566 million
Location
Sector(s)
Description
Objectives

The project comprises two pumped storage schemes, Obervermuntwerk II of 360 MW and Rellswerk with 13 MW, for hydroelectric power generation and storage, located in the valley of Montafon in the Austrian region of Vorarlberg, and required reinforcements of the substation in Bürs. The investment will add balancing capacity to the German power system and contribute to security of supply.

The project will store electrical energy from the public grid by pumping water from a lower into an upper reservoir at times of reduced electricity demand and low prices. At times of high electricity demand and correspondingly high prices, the water will be released back to the lower reservoir to drive turbines and generate electricity. The project will contribute to covering peak demand as well as to providing ancillary services in the integrated European Grid system.

Environmental aspects
Procurement

The project is an expansion of an existing hydroelectric power generation plant. The project falls under Annex II of the EIA Directive 2011/92/EU. Here, the competent authority in line with Austrian environmental law (UVP-G 2000) requested an Environmental Impact Assessment (EIA) including public consultation. The environmental permit was granted by the Supreme Administrative Court in Austria in January 2014, with no further appeal.

The European Commission has exempted the generation of electricity in Austria from public procurement provisions by Decision 2008/585/EC.

Link to source
Summary sheet

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - OBERVERMUNTWERK
Publication Date
3 Jul 2014
Document language
Main Topic
Lending
Document Number
51992310
Document Focus
Environmental Information
Project Number
20140022
Sector(s)
Regions
Countries
Publicly available
Download now
Non-Technical Summary (NTS) - OBERVERMUNTWERK
Publication Date
3 Apr 2014
Document language
Main Topic
Lending
Document Number
52247559
Document Focus
Environmental Information
Project Number
20140022
Sector(s)
Regions
Countries
Publicly available
Download now
Non-Technical Summary (NTS) - OBERVERMUNTWERK
Publication Date
3 Apr 2014
Document language
Main Topic
Lending
Document Number
52249158
Document Focus
Environmental Information
Project Number
20140022
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Completion Sheet (ESCS) - OBERVERMUNTWERK
Publication Date
29 Dec 2020
Document language
Main Topic
Lending
Document Number
135948238
Document Focus
Environmental Information
Project Number
20140022
Sector(s)
Regions
Countries
Publicly available
Download now

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Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
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The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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