The European Investment Bank (EIB), the bank of the European Union, and Ingeteam, a Spanish technology company focusing on renewable energies, have signed a EUR 55 million loan agreement today. The loan is aimed at supporting research, development and innovation (RDI) projects carried out by Ingeteam. The loan agreement was signed by EIB Vice-President Román Escolano and Ingeteam’s CEO Javier Ojeda at the “Supporting Innovation in Spain” event organised by the EIB Group in Bilbao.
The EIB’s loan, the second of its kind to Ingeteam, will finance RDI activities related to electrical equipment for renewable energy generation technologies, such as wind turbine generators, photovoltaic installations and solar thermal and hydroelectric plants. Part of the loan will also cover RDI activities related to power distribution systems, industrial process control systems and electrical equipment for power control in specific industrial, naval and rail transport applications. The RDI projects will be carried out at existing facilities in Spain over the period 2015-2018.
This long-term loan reflects the EIB’s commitment to supporting RDI activities throughout business cycles and promoting the competitiveness and development of technological companies. By financing these RDI investments, EIB will reinforce Ingeteam’s growth path and help safeguard skilled employment.
Ingeteam’s RDI project is supported by “InnovFin – EU Finance for Innovators”, a new range of EIB Group products, which benefit from the financial support of the European Union under Horizon 2020 Financial Instruments and are designed to facilitate access to finance for innovative businesses.