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

Hans Martin Smith, executive vice president & CFO of Vestas, commented: “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 offshore wind turbine which at 15 MW is said to deliver ‘industry-leading performance’ and extends the boundaries of wind energy production. Development of the prototype is currently progressing across Vestas’ R&D and production sites in preparation for serial production commencement in 2024.