EIB Backs Austria's Largest Green Hydrogen Plant with €450 Million

EIB Vice-President Karl Nehammer said green hydrogen plays a central role in Europe's move towards a competitive, climate-neutral and secure energy system.

The European Investment Bank (EIB) has approved a €450 million loan to support the construction of Austria's largest green hydrogen production facility, marking the Bank's biggest investment in the country's energy sector.

The financing will help Austrian energy, fuels and chemicals company OMV build a large-scale green hydrogen plant in Bruck an der Leitha, Lower Austria. The loan covers nearly three-quarters of the project's estimated €600 million cost, with construction already underway and commercial operations expected to begin by the end of 2027. The project is designed to strengthen Europe's clean energy industry while helping reduce industrial carbon emissions and improve long-term energy security.

EIB Vice-President Karl Nehammer said green hydrogen plays a central role in Europe's move towards a competitive, climate-neutral and secure energy system. He noted that the investment supports renewable hydrogen production on an industrial scale while helping reduce dependence on fossil fuels and strengthening Europe's clean technology sector.

Renewable Hydrogen to Cut Refinery Emissions

At the heart of the project will be a 140-megawatt electrolyser powered entirely by renewable electricity. Once fully operational, the facility is expected to produce up to 23,000 tonnes of renewable hydrogen every year, making it the largest green hydrogen plant in Austria and one of the five biggest in Europe. The hydrogen will be transported through a 22-kilometre pipeline to OMV's Schwechat refinery, where it will gradually replace hydrogen currently produced from fossil fuels for refining operations.

According to project estimates, the switch to renewable hydrogen will reduce the refinery's direct carbon dioxide emissions by up to 150,000 tonnes annually, representing around 10% of its current direct emissions. The investment will also provide the foundation for producing sustainable aviation fuels and other lower-carbon products as demand for cleaner transport fuels continues to grow across Europe.

Project Supports Europe's Climate and Energy Goals

The investment aligns with the EIB's role as the European Union's Climate Bank and supports key EU initiatives, including the European Green Deal, REPowerEU and the TechEU programme, which seeks to strengthen Europe's leadership in advanced clean technologies.

OMV Chief Financial Officer Reinhard Florey described the financing as an important endorsement of the company's long-term transformation strategy. He said the project will strengthen Europe's energy value chain, improve energy security and make a significant contribution to reducing emissions from industrial operations.

The green hydrogen facility forms part of OMV's Strategy 2030, under which the company is expanding renewable hydrogen and renewable fuels production as it works towards achieving net-zero emissions by 2050. Once completed, the Bruck an der Leitha plant is expected to become one of Europe's flagship green hydrogen projects, demonstrating how renewable energy can help decarbonise heavy industry while supporting a cleaner and more resilient energy system.