EIB lends €475 million to VESTAS Wind Systems A/S in Denmark

The development of wind power technology includes the support of R&D and capital expenditure for the deployment of new wind turbine technology.


EIB | Updated: 05-07-2022 17:30 IST | Created: 05-07-2022 17:30 IST
EIB lends €475 million to VESTAS Wind Systems A/S in Denmark
The project will contribute to the European Union’s technology edge, leading the way in this energy production and supply field. Image Credit: Flickr
  • Country:
  • Denmark

The EIB will support VESTAS to accelerate the development and deployment of its groundbreaking power generation technology, a key factor and strategic step for the energy transition from traditional sources to renewable energy and climate action mitigation. The project will contribute to the European Union's technology edge, leading the way in this energy production and supply field.

The development of wind power technology includes the support of R&D and capital expenditure for the deployment of new wind turbine technology. Furthermore, the project supports the EIB public policy goal for "Research, Innovation and Digital", as well as its climate action objective ("Mitigation — Renewable Energy"). As such, the project also benefits from an EIB Green Loan, the features of which are fully in line with the requirements set out in its climate awareness bonds programme.

EIB Vice-President Christian Kettel Thomsen, who has oversight of EIB operations in Denmark said: "The EIB is proud to act as a key investor for this innovative project. The project will contribute to the European Union's technology edge, deploying more accomplished and efficient wind turbine technology in the European Union and worldwide."

"As the need to accelerate the green energy transition has never been more urgent, our ability to invest in innovation and technology development now is key to scale the build-out of renewable energy for decades to come. The EIB's support will help deliver financial flexibility that strengthens Vestas' technology development and enable us to build and lead a sustainable and resilient wind industry", said Vestas Chief Financial Officer Hans Martin Smith.

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