• The investment is, so far, the largest renewable energy financing in Austria.
• Austria's goal is to achieve carbon neutrality by 2030.

One of the largest insurance groups in Europe, Talanx Group, is investing a huge sum of money to expand solar and wind energy capacity in Austria's Burgenland region.

This investment in renewable energy is the largest financing deal to date in Austria. The money will be spent on constructing new wind and solar farms and upgrading existing and older ones.

The project, once completed, will generate about 715 megawatts of electricity, sufficient to cover the annual energy needs of more than 185,000 households in the region, with plans to raise the capacity to 2 gigawatts in the future.

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The funding round included several investors, including Talanx Group’s subsidiary Ampega Asset Management, the European Investment Bank, and other commercial lenders. Burgenland Energie, a renewable energy company in the region, is leading the project with the state of Burgenland.

Austria aims to become carbon-neutral by 2030, and Burgenland is charting the course. The region has great potential to generate renewable energy, with strong winds, plenty of sunshine, and high electricity demand from nearby cities, businesses and industries.

The country also has a Renewable Energy Act that promotes clean energy expansion.

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Jan Wicke, Talanx AG’s Chief Financial Officer, said: "The transaction underlines the important role played by ESG criteria in our investment policy. Our investment continues our active participation in the shift towards sustainable energy sources.

"We find the investment attractive from both a sustainability and a risk viewpoint due to the diversified portfolio of wind power and photovoltaic projects and our collaboration with Burgenland Energie, the largest and most experienced utility in the region.”

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Source: Talanx Group