OeEB and ILF Consulting Engineers, a renowned Austrian engineering and consulting firm, set up a joint project development company "Rendcor". The aim of Rendcor (Renewable Energy Development Corporation) is to provide Austrian know-how and capital for renewable energy projects in developing countries.

Both OeEB and ILF will hold 50 percent ownership. OeEB's share of EUR 5 million is provided by the Austrian Ministry of Finance for which OeEB can act as a trustee in taking equity participations that have a positive impact on development.

Rendcor's first projects will be implemented in Southeast Asia, building on ILF's extensive experience in the region. "Energy poverty is one of the core issues in developing countries. Via Rendcor, OeEB will contribute to promoting clean energy and to implementing Sustainable Development Goals 7 and 13 which address renewable energy and climate protection," say Andrea Hagmann and Michael Wancata, members of the executive board of OeEB.