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Spain

Gamesa receives €260 million loan for R&D

SPAIN: Gamesa is to pump a €260 million loan from the European Investment Bank (EIB) into its research and development programme up to 2015.

Gamesa's G10X 4.5MW turbine is one of the latest of the company's range
Gamesa's G10X 4.5MW turbine is one of the latest of the company's range

In a statement, Gamesa said the money would go towards the development of two new wind turbine platforms: a 2.5MW low wind onshore turbine and a 5.5MW onshore/offshore turbine.

The agreement was signed this morning between Gamesa executive chairman and CEO Ignacio Martin and EIB vice president Magdalena Alvarez.

Gamesa said the loan would be paid off in a single payment in 2018. It is the third loan the Spanish turbine manufacturer has received from the EIB. In 2008 Gamesa was granted a €200 million loan, also for R&D, from the EIB.

Martin said: "Innovation in the wind energy industry remains essential for the development of more competitive products and services tailored for an increasingly demanding market.

"This loan deal with the EIB, with its preferential terms, will enable us to undertake our ambitious product plan and meet our communities’ present and future needs with cutting-edge technological developments," said Martín.

The company said the 2.5MW platform and the 5.5MW onshore/offshore turbine will come out in Q2 2014 and Q4 2014 respectively. A prototype of the upcoming 5MW offshore turbine will be built in late 2013-early 2014.

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