Nordic Investment Bank (NIB) has agreed to finance a research and development (R&D) programme by Denmark-based wind turbine manufacturer Vestas with the goal of developing a new type of 3MW wind turbine for low and medium wind conditions.
The bank has committed to a 4.5-year loan agreement totalling €25m, which is an extension of the €30m loan that it agreed to provide Vestas with in December 2009.
The programme will focus on improving the design of wind turbine blades and nacelles as well as adjusting the cooling system and load-optimised operation of the wind turbine.
Vestas intends these measures to increase the wind turbine’s reliability, reduce energy consumption and increase output capacity.
‘Lending to R&D projects within the renewable energy field is at the core of NIB’s mandate. Innovation is one of the most important ways of raising productivity in an advanced economy and, hence, its competitiveness,’ said Johnny Åkerholm, NIB president and CEO.
Vestas designs wind turbine parks for all wind conditions has installed turbines in 65 countries worldwide.
The Nordic Investment Bank provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors.
Vestas also opened a new wind tower manufacturing plant in Pueblo in Colorado this week to address the US market, which is slated to be the world’s largest.
The facility has nearly 13 million square feet of space and eight miles of on-site railway tracks for the transport of materials and finished tower components.