(Source: European Investment Bank)
EIB, the EU bank, is financing winds of change in energy transition towards renewable sources
- The European Investment Bank lends up to €475 million to VESTAS Wind Systems A/S.
- The underlying investments will have significant environmental benefits, being aligned with the EU Green Deal, the Paris Agreement, and with the EIB’s Climate Bank Roadmap, by focusing on developing wind energy technologies. In particular, the investments financed by the EIB will support low-carbon technology and products, energy and resource efficiency, and circular business models.
The EIB will support VESTAS to accelerate the development and deployment of its groundbreaking power generation technology, a key factor and strategic step for the energy transition from traditional sources to renewable energy and climate action mitigation. The project will contribute to the European Union’s technology edge, leading the way in this energy production and supply field.
The development of wind power technology includes the support of R&D and capital expenditure for the deployment of new wind turbine technology. Furthermore, the project supports the EIB public policy goal for “Research, Innovation and Digital”, as well as its climate action objective (“Mitigation — Renewable Energy”). As such, the project also benefits from an EIB Green Loan, the features of which are fully in line with the requirements set out in its climate awareness bonds programme.
EIB Vice-President Christian Kettel Thomsen, who has oversight of EIB operations in Denmark said: “The EIB is proud to act as a key investor for this innovative project. The project will contribute to the European Union’s technology edge, deploying more accomplished and efficient wind turbine technology in the European Union and worldwide.”
“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. The EIB’s support will help deliver financial flexibility that strengthens Vestas’ technology development and enable us to build and lead a sustainable and resilient wind industry”, said Vestas Chief Financial Officer Hans Martin Smith.
As the European Union’s climate bank, the EIB is committed to supporting €1 trillion of climate action and environmental sustainability investments until 2030.
VESTAS is the global leader in developing and deploying sustainable energy solutions. With 29 000 employees and +154 GW of wind turbines installed in 87 countries, VESTAS designs, manufactures, installs, develops and services wind energy and hybrid projects.