Spain: EIB supports RDI activities of Ingeteam
The European Investment Bank (EIB) signed a loan of EUR 45 million today with Ingeteam, S.A. to support its research, development and innovation activities for renewable energy.
The project will help to finance the promoter’s investment in research, development and product/process innovation related to electrical equipment for renewable energy generation by means of wind turbine generators, photovoltaic installations, thermo- 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, marine and rail transport applications.
The project will be implemented up to 2013 and the R&D activities will be carried out at the company’s centres in Spain. This is the EIB’s first operation with Ingeteam.
The European Investment Bank (EIB) is the EU’s long-term financing institution promoting European objectives. Created in 1958, it operates in the 27 EU Member States and more than 130 other countries around the world. The EIB is heavily involved in financing investment aimed at enhancing the competitiveness of the European economy, supporting projects involving research, development and innovation (RDI), education and training, the spread of new technologies and the development of information and communications technologies.
Ingeteam is a market leader specializing in electrical engineering and the development of electrical equipment, motors, generators and frequency converters. It deploys its products in four main sectors: energy, industry, marine and railway traction, seeking to optimise energy consumption while maximising generating efficiency. The company operates in Asia, Europe and North and South America and has more than 3 500 employees. Ingeteam’s business is built on the foundations of R&D, in which more than 5% of turnover was invested in 2010.
