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Vestas secures €475m from EIB for R&D

By: Tom Russell 06/07/2022 Vestas

General Windfarms

Vestas has signed a €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.

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.

Hans Martin Smith, Executive Vice President & CFO, Vestas, said: “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.”

With a swept area exceeding 43,000 m2, the V236-15.0 MW is expected to produce around 80 GWh/year, enough to power around 20,000 European households. Launched in February 2021, Vestas secured its first pre-selected tenderer status for the turbine in July 2021 for the 900 MW He Dreiht project in Germany.

For more information on offshore wind turbines worldwide, click here.

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Vestas secures €475m from EIB for R&D

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