Vestas finances its innovation activities with a EUR 475m loan from EIB

Vestas has signed a EUR 475m green loan with the European Investment Bank (EIB) to fund its research, development, and innovation (RDI) activities through 2025. The work will be conducted mainly at Vestas’ research and development centres in Aarhus, Denmark, and Porto, Portugal.

Technological innovation is key to developing sustainable energy solutions that scale renewable energy and accelerate the green energy transition.

Hans Martin Smith, Executive Vice President & CFO, Vestas, says: “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. EIB’s support will help deliver financial flexibility that strengthens Vestas’s technology development and enable us to build and lead a sustainable and resilient wind industry.”

The EIB green loan will be used to fund RDI projects, including the development of the V236-15.0 MW™ offshore wind turbine which delivers industry-leading performance and moves the boundaries of wind energy production. The V236-15.0 MW™ prototype development work is currently progressing across Vestas’ R&D and production sites before serial production commences in 2024.