en.Wedoany.com Reported - The European Investment Bank (EIB) recently announced a loan to OMV to support the construction of a green hydrogen plant in Austria. This loan is the largest investment ever made by the EIB in Austria's energy sector, covering nearly three-quarters of the project's estimated investment cost of €600 million. The plant is already under construction and is expected to commence operations by the end of 2027.
The plant will be equipped with a 140 MW electrolyzer powered by renewable electricity. Once operational, it will produce up to 23,000 tonnes of renewable hydrogen annually, making it the largest facility of its kind in Austria and one of the top five in Europe. This renewable hydrogen will be transported via a 22-kilometer pipeline to OMV's Schwechat refinery, gradually replacing the fossil-based hydrogen used in the refining process. The investment is expected to reduce the refinery's direct CO2 emissions by up to 150,000 tonnes per year, approximately 10% of its current direct emissions, and lay the foundation for future production of sustainable aviation fuel and other low-carbon products.
"Green hydrogen is a cornerstone of Europe's path toward a competitive, climate-neutral, and secure energy system," said Karl Nehammer, Vice President of the European Investment Bank, during a site visit. "By supporting industrial-scale green hydrogen production, we are strengthening Europe's competitiveness, enhancing energy security, and helping the refining industry decarbonize by replacing fossil-based hydrogen with renewable hydrogen. This investment also lays the groundwork for future production of sustainable aviation fuel, supporting the EU's climate and energy security goals."
This financing reinforces the European Investment Bank's role as the EU Climate Bank by supporting strategic infrastructure that accelerates the deployment of industrial-scale renewable hydrogen. It also advances the EIB's TechEU initiative, strengthens the European electrolyzer value chain, and contributes to the goals of the European Green Deal and REPowerEU.
"The EIB's loan commitment is a strong vote of confidence in OMV's transformation strategy and our ability to deliver large-scale projects that drive industrial decarbonization," added Reinhard Florey, Deputy Chairman of the Executive Board and Chief Financial Officer of OMV Aktiengesellschaft. "This investment is strategically significant for both Austria and Europe. By producing green hydrogen in Austria, we are strengthening the European energy value chain, enhancing energy security, and contributing to a more sustainable energy system. Building one of Europe's largest green hydrogen plants marks a major milestone in decarbonizing our industrial processes. Once operational, the facility will make a significant contribution to reducing CO2 emissions at the Schwechat refinery and underscores our ambition to actively shape the energy transition in Austria and Europe."
Under its "Strategy 2030," OMV is expanding production of renewable hydrogen and renewable fuels as part of its pathway to achieving net-zero emissions by 2050. The project funded by the European Investment Bank in Bruck an der Leitha is expected to serve as a cornerstone of this transformation, replacing fossil-based hydrogen with renewable hydrogen in refining operations.
