The European Investment Bank has granted a €150m loan to Finnish engineering company Wartsila to finance the company’s research, development and innovation activities (RDI) in Europe regarding lowering emissions from power plants.
Jonathan Taylor, the bank’s vice-president, said the loan would “bring substantial benefits to the energy sector”, which he said was a “central consideration for the EIB’s involvement in RDI projects”.
The loan is the fourth the bank has awarded to Wartsila, the first being in 2003.
Raimo Lind, Wartsila’s senior executive vice-president, said the loan was “an important building block in the long-term funding of investments in research and development work”.
Wartsila has research centres in Finland, Italy, Switzerland, the UK, the Netherlands, Norway, and Spain. In 2012, the company’s total R&D expenditure was €188m, which represents four per cent of the company’s net sales.