Spain's Ingeteam secures EIB loan for renewables R&D

Offshore wind park. Author: Tim Collins. License: Creative Commons, Attribution 2.0 Generic.

October 17 (Renewables Now) - Spanish electrical engineering company Ingeteam SA has obtained a EUR-70-million (USD 77.8m) loan from the European Investment Bank (EIB) to finance its research, development and innovation (RDI) programme focused on renewable energy and energy transition solutions.

The EU lender said Tuesday that the so-called Innovation Loan, disbursed under the Investment Plan for Europe, will enable Ingeteam to increase its global footprint and make the company competitive in the renewable energy applications segment. Specifically, the RDI loan will support the development of new solutions for energy storage, electric mobility, offshore wind power and the industry 4.0.

Ingeteam is to deploy the RDI investments at its three plants in Spain from 2019 until 2022. The company will enjoy longer maturity periods and favourable interest rates and ensure job security for close to 4,000 of its employees, the EIB said.

(EUR 1.0 = USD 1.11)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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