12 Oct 2010

NIB allocates EUR 25 million to Danish Vestas for wind turbine innovation

NIB and Danish Vestas Wind Systems A/S have signed a new 4.5-year loan agreement totalling EUR 25 million for financing Vestas’ R&D programme.

The loan, which is an extension of the EUR 30 million loan NIB signed with Vestas in December 2009, is earmarked for developing a new type of a 3 MW wind turbine for low and medium wind regimes. The R&D programme is focused on improving the design of the blades and nacelle, as well as on adjusting the cooling system and load-optimised operation of the wind turbine. These measures are expected to increase the turbine’s reliability, reduce its own energy consumption and increase the output capacity.

“This R&D project of developing a new type of a wind turbine contributes to an efficient and less costly production of wind energy. 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,” says Johnny Åkerholm, NIB President and CEO.

Vestas is the world’s largest producer of wind turbines. The company designs wind turbine parks for all wind conditions and Vestas-produced turbines have been installed in 65 countries worldwide.

The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Mr Vidar Omholt, Senior Manager Origination, at +358 10 618 0286,

Ms Nina Monsen, Communications Specialist, at +358 10 618 0291,