A loan of EUR 55 million has been approved by the European Investment Bank (EIB) to support Ingeteam’s research, development and innovation activities in the area of renewable energy, including hydropower.

Using the funds, Ingeteam will tbe 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. Likewise, this aid will also help to finance R&D&I activities related to electricity distribution systems, industrial process control systems, as well as electric power control equipment for specialist applications in the rail traction, marine and industrial sectors.

All these initiatives will be developed in the course of 2015 at the company’s facilities located in the Basque Country, Navarra and Albacete.

This is the second time that the EIB has granted a loan of this type to Ingeteam.