Siemens Gamesa to fund innovation with EUR-300m EIB loan

Siemens Gamesa Renewable Energy SA (BME:SGRE) will receive EUR 300 million (USD 363m) in debt from the European Investment Bank (EIB) to back its planned research and development and innovation (RDI) activities.

The wind turbine maker said on Wednesday that the financing will support its RDI strategy through 2023. The plan envisages developing innovative solutions for optimising wind turbine components, new applications for turbine maintenance and diagnostics and computer applications that boost power generation.

Siemens Gamesa expects that the funds will also help it enhance its innovative capacity and competitiveness.

Initially, the wind turbine manufacturer will get EUR 150 million in EIB money, while a second tranche of the same amount may be tapped next year. Up to 45% of the overall debt financing will go for R&D.

Proposed initiatives under the RDI strategy will be carried out mainly at Siemens Gamesa’s Spanish R&D centers Navarra, Vizcaya and Madrid, as well as in Aalborg and Brande in Denmark.

(EUR 1.0 = USD 1.220)

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