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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.

Background information:

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

InnovFin financial products

Under Horizon 2020, the new EU research programme for 2014-20, the European Commission and the European Investment Bank Group (EIB and EIF) have launched a new generation of financial instruments and advisory services to help innovative firms access finance more easily. Over the next seven years, "InnovFin – EU Finance for Innovators" will offer a range of tailored products which will make available more than EUR 24 billion of financing support for research and innovation (R&I) by small, medium-sized and large companies and the promoters of research infrastructure. This finance is expected to support up to EUR 48 billion of final R&I investments.

InnovFin builds on the success of the Risk-Sharing Finance Facility developed under the seventh EU framework programme for research and technological development (FP7), which financed 114 R&I projects to the tune of EUR 11.3 billion and in addition provided loan guarantees worth over EUR 1.4 billion.

Backed by funds set aside under Horizon 2020 and by the EIB Group, InnovFin financial products support R&I activities, which by their nature are riskier and harder to assess than traditional investments, and therefore often face difficulties in accessing finance. All are demand-driven instruments, with no prior allocations between sectors, countries or regions. Firms and other entities located in EU Member States and Horizon 2020 Associated Countries will be eligible as final beneficiaries. These debt instruments will be complemented in the near future by a suite of equity instruments managed by the EIF.

InnovFin Large Projects aims to improve access to risk finance for R&I projects emanating from larger firms, universities and public research organisations, R&I infrastructure (including innovation-enabling infrastructure), public-private partnerships, and special-purpose vehicles or projects (including those promoting first-of-a-kind, commercial-scale industrial demonstration projects). Loans and guarantees from EUR 25 million to EUR 300 million will be delivered directly by the EIB.


Ingeteam is a leading company specialising in the design of power and control electronics (frequency converters, process automation and control), electrical machines (generators and motors), electrical engineering and generating plants. Ingeteam develops its products in four key sectors – energy, industry, marine and rail traction - always seeking to optimise energy consumption and to maximise generating efficiency

The company operates throughout the world, employing more than 3 000 people. R&D is the backbone of Ingeteam's business activity, in which more than 7% of the company's turnover is invested annually.