The European Investment Bank (EIB) has granted Ingeteam a US$60.2 million loan to support the company’s research, development and innovation activities in renewable energy that includes hydroelectric generation, according to a press release from Ingeteam.
Ingeteam, based in Bilbao, Spain, specializes in highly-engineered electrical and electronic equipment and services. The company said it will be able to strengthen its research, development and innovation into production systems and procedures related to electrical equipment for generating renewable energy through wind turbine generators, PV systems, and hydropower and thermal plants.
The loan will also help Ingeteam finance research and development activities related to systems for electricity distribution and industrial process control, as well as electric power control equipment for specialist applications in the rail traction, marine and industrial sectors.
EIB is the European Union’s long-term financing institution, which has as its mission to promote European objectives. Set up in 1958, EIB operates in 28 EU Member States and in more than 130 countries.