European countries are set to get a boost to develop more environmentally-friendly ship engines and power plants, thanks to the loan provided by an EU bank.
Wartsila, a supplier of power solutions for the marine and energy markets, signed an agreement with the European Investment Bank (EIB) for a €150 million (£127.4m) loan for research, development and innovation (RDI) projects in Finland, Italy Switzerland and several other EU countries.
The projects will involve the development of engines and power plants that are cleaner, more efficient and more reliable with higher levels of automation, lower lifecycle costs and improved environmental performance.
Jonathan Taylor, EIB’s Vice-President said: “We are pleased to sign this agreement with Wartsila, which will bring substantial benefits to the transport and energy sectors in terms of environmental performance and fuel efficiency. These are central considerations for the EIB’s involvement in RDI projects in the maritime and power generation sectors.”
This is the fourth loan agreement between the EIB and Wartsila.