The European Investment Bank (EIB) will provide Nordex SE with a loan of EUR 100 million for the turbine manufacturer's research and development program.
In an effort to achieve grid parity, Nordex says it will work with European Union (EU) suppliers and research entities to develop efficient technical solutions to improve competitiveness.
The focus areas for funding activities of the EU bank are projects designed to protect the climate and environment, notes Nordex, adding that financing renewable energy projects accounted for a large part. In 2013, the EIB provided loans amounting to EUR 6.4 billion for this purpose. The bank believes that programs 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 increase to 27% across the EU by 2030.Â
The EIB is the EU's bank for long-term financing. It is owned by the member states of the EU. The EIB's task is to promote the aims of the EU by providing long-term financing for viable projects.