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Gamesa secures EUR260m European loan for research and development

CTBR Staff Writer Published 30 November 2012

Spanish wind turbine manufacturer Gamesa has secured a €260m loan from the European Investment Bank to further its research, development and innovation (RDI) activities.

Gamesa will employ the funds to design and develop onshore and offshore wind platforms with greater capacity and at lower costs.

Commenting on the funding Gamesa chairman and CEO Ignacio Martín remarked that the need for innovation is vital to develop competitive products in the wind industry.

"This EIB loan on favourable terms will enable us to carry out our ambitious product development programme and meet the present and future needs of our communities with cutting-edge technologies", said Martín.

EIB vice president Magdalena Álvarez Arza added, "The EIB's commitment to RDI - especially in a sector with such great potential and importance as renewables - is key to ensuring a secure, sustainable and competitive energy supply for Europe."

The bank's investment in the wind turbine manufacturer is consistent with its objectives of ensuring a sustainable, competitive and energy supply for the region while promoting businesses' technological capacity.