Ingeteam receives EUR 55M EIB grant for renewables R&D

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Spain-headquartered solar inverter manufacturer Ingeteam has been granted a €55 million ($60 million) loan from the European Investment Bank (EIB) for the ongoing support of its research, development and innovation activities in renewable energy.

The loan, the second of its type to be granted by the EIB to Ingeteam, will be steered towards the company’s production and R&D facilities in the Spanish autonomous communities of Basque, Navarre and Albacete.

The funds will be used to bolster Ingeteam’s efforts in PV, hydropower, thermal plants and wind turbine generators, financing R&D in electricity distribution systems, industrial process control systems, and electric power control equipment.

The EIB has been a steady and proactive supporter of solar financing, aiding projects across Europe and beyond, and has offered favorable loan packages to a range of clean energy companies and projects in India, Africa, the Middle East and Latin America.