July 6 (Renewables Now) - Vestas Wind Systems A/S (CPH:VWS) has entered into an agreement with the European Investment Bank (EIB) for a EUR-475-million (USD 489m) green loan to support research, development and innovation (RDI) activities through 2025.
The Danish wind turbine maker said in a statement it will use the money to develop the V236-15.0 MW offshore wind turbine and finance other RDI projects. Prototype development work on the V236-15.0 MW machine is already underway with the target to start serial production in 2024.
The EIB-supported activities will take place mainly at the company’s research and development (R&D) centres in Aarhus, Denmark, and Porto, Portugal.
“As the need to accelerate the green energy transition has never been more urgent, our ability to invest in innovation and technology development now is key to scale the build-out of renewable energy for decades to come,” said Hans Martin Smith, Executive Vice President and CFO of Vestas.