Nordic Investment Bank (NIB) and Wärtsilä have agreed to a ten-year, EUR 75 million investment loan to support research and development in marine decarbonisation and renewable energy.
The NIB loan provides long-term financing for Wärtsilä’s R&D investments for the development of marine power supply and renewable energy solutions. The project is eligible to be financed through NIB Environmental Bond proceeds.
The R&D activities in the marine business mainly focus on the development of new sustainable fuel solutions for the marine industry. Wärtsilä’s aim is to develop and provide a product portfolio which will be ready for zero carbon fuels by 2030.
In energy business, Wärtsilä’s R&D activities focus on enhancing engines used for standalone flexible peak load solutions that balance intermittent renewable power production. The company also develops a variety of energy solutions that combine engines and energy storage systems with renewable production.
The decarbonisation transformation of both the marine and energy sectors is clearly accelerating, and this is made possible by new technologies and alternative energy sources. NIB continues to finance Wärtsilä’s R&D activities, supporting the company’s position in driving these transformations with a strong emphasis on sustainable innovation
… said Jeanette Vitasp, NIB Vice-President, Head of Lending.