Germany-based Nordex SE has received a €100m loan from the European Investment Bank (EIB) to support wind turbine research and development (R&D) activities.
Nordex's R&D programme is due to continue until 2017 and the company will work together with suppliers and research institutes in the European Union (EU).
The EIB said the loan would help Europe achieve the target of providing 27% of its required electricity from renewable sources by 2030.
The company is planning to step up the development of increasingly efficient technical solutions with the help of this research and targets to achieve grid parity for wind energy in all standard locations.
The power generation from onshore wind already counts among the most economical methods of producing electricity within the renewable energy sector.
EIB vice-president Wilhelm Molterer said, "Wind energy not only plays a key role when it comes to Germany's ambitious energy turnaround. It also makes a substantial contribution to meeting the binding EU-wide climate targets.
"With its wide-ranging expertise Nordex numbers among the most important companies in the wind energy sector. Intensive research work is the basis of this success. This is why we as a EU bank consider the financing of R&D to be one of our central tasks."
Image: Nordex receives €100m loan from EIB. Photo: courtesy of Nordex.