Spain: EIB and Gamesa Sign EUR 260 Million Loan for R&D

The European Investment Bank (EIB) and Gamesa signed a 260 million euro loan to fund the wind turbine manufacturer’s research, development and innovation (R&D+I) activities. EIB Vice President Magdalena Álvarez and Gamesa Chairman and CEO Ignacio Martín signed the loan contract this morning in Madrid.

The EIB project will support Gamesa’s R&D+I programme, which is devoted to the design and development of turbine platforms, both onshore and offshore. These emerging platforms are intended to offer greater capacity and constantly improving Cost of Energy (CoE).

The funds will help finance Gamesa’s R&D activities in the next three years (2013-2015). The loan is scheduled to be paid off in a single payment in six years’ time (2018).

This initiative will support the development of state-of-the-art renewable energy technologies and help bolster Gamesa products’ innovative capabilities while enhancing their competitive edge. This is the third R&D+I loan the EIB has signed with Gamesa in the last eight years.

“Innovation in the wind energy industry remains essential for the development of more competitive products and services tailored for an increasingly demanding market. This loan deal with the EIB, with its preferential terms, will enable us to undertake our ambitious product plan and meet our communities’ present and future needs with cutting-edge technological developments,” said Gamesa Chairman and Chief Executive Officer Ignacio Martín.

The EIB Vice President Magdalena Álvarez has explained the “EIB’s commitment towards research, development and innovation, especially in an industry of such importance and potential as the renewable energies, which is crucial to guarantee a safe, sustainable and competitive energy supply for Europe. The contribution of the EIB goes beyond its long term financing capabilities, in a moment with notable liquidity constraints. We are investing in the future and laying the foundations for the development of new products and technologies which should facilitate quality growth in the forthcoming years.”

The investments financed by this loan reflect BEI and EU targets for supporting sustainable, competitive and safe energy and encouraging companies’ technological capabilities. The EIB is heavily involved in funding investments aimed at increasing the European economy’s competitiveness, boosting investment projects in research, development and innovation, especially in the area of energy, within the Climate Action Bank.

[mappress]

Press release, November 29, 2012; Image: gamesa