Developing wind power efficiently: Nordex receives research loan from EIB
- Release date: 25 April 2014
- Reference: 2014-089-EN
The European Investment Bank (EIB) will support the research and development activities (R&D) of wind turbine manufacturer Nordex SE. The bank will provide the company with a loan of EUR 100 million for its multi-year R&D programme.
The global Group specialises in the development, manufacture and installation of wind turbine generators. Within the framework of the R&D programme, which is due to run until 2017, Nordex will work together with suppliers and research institutes in the European Union.
With this research Nordex plans to step up the development of increasingly efficient technical solutions in order to improve its competitiveness. At the same time the company aims to achieve grid parity for wind energy in all standard locations. Onshore wind power already counts among the most economical methods of generating electricity within the renewable energy sector. This source thus plays a key role in cost-efficient climate protection and helps reduce dependence on fossil fuels.
Among the focus areas for funding activities of the EU bank are projects designed to protect the climate and the environment. In 2013, financing in this area accounted for a total share of EUR 19 billion with the expansion of renewable energies playing a key role. In 2013, the EIB provided loans amounting to EUR 6.4 billion for this purpose. The bank believes that programmes such as that set up by Nordex make a major contribution to meeting the EU climate targets, which, among other things, stipulate that the share of electricity generated from renewable sources is to increase to 27 percent across the EU by the year 2030.
Signing the loan agreement, Wilhelm Molterer, Vice President of the EIB whose responsibilities include financing activities in Germany, said: “Wind energy not only plays a key role when it comes to Germany’s ambitious energy turnaround. It also makes a substantial contribution to meeting the binding EU-wide climate targets. With its wide-ranging expertise Nordex numbers among the most important companies in the wind energy sector. Intensive research work is the basis of this success. This is why we as a EU bank consider the financing of R&D to be one of our central tasks.”