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    Reference: 20190172
    Release date: 24 June 2019

    Promoter – Financial Intermediary

    INGETEAM SA

    Location

    Description

    The project will finance Ingeteam's investments in Research, Development and Innovation (RDI) to be carried out primarily in the promoter's RDI centre located in the technology park of Zamudio (Bilbao, Spain) in the period between 2019 and 2022. Planned activities and related expenditures will be carried out in the areas of renewable energy, electrical storage, smart grids, power transmission and electronics, which are at the core of the company's business strategy (re-focused on the energy transition, energy storage, electro-mobility, offshore wind and industry 4.0) and its global competitiveness.

    Objectives

    The project focus on the development of solutions for more sustainable energy generation, transmission, distribution and consumption.

    Sector(s)

    Proposed EIB finance (Approximate amount)

    EUR 90 million

    Total cost (Approximate amount)

    EUR 143 million

    Environmental aspects

    RDI activities on power and control electronics (inverters, frequency converters, controllers and protections), electrical engineering and automation projects are not listed in any of the annexes of the Environmental Impact Assessment (EIA) Directive 2014/52/EU amending the Directive 2011/92/EU. The financed activities will be carried out in already-authorised existing facilities, that will not change their scope due to the project, thus not requiring any additional environmental permits.

    Procurement

    The promoter is a private company not operating in the Utilities sector and does not have the status of a contracting authority. Thus, it is not covered by EU Directives on procurement. Procedures followed are in the best interest of the project and satisfactory for the EIB.

    Status

    Signed - 15/10/2019

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Spain Industry