The European Investment Bank announced last week a €20 million loan agreement with German-based Heliatek, a world leader in the production of organic photovoltaic devices and solar films. The EU-funded loan, part of an €80 million financial package raised by Heliatek, will help to expand its solar film manufacturing capacity on its site in Dresden by 2018.
Carlos Moedas, EU Commissioner for Research, Innovation and Science said: “Germany is among the world leaders in photovoltaic production, and the research community for photovoltaics in Europe is growing fast across the EU. This €20 million loan supported under Horizon 2020, the EU’s research funding programme, illustrates how the public and the private sector collaborate to keep Europe in a leading role when it comes to energy security and sustainable development.”
This deal falls under the InnovFin MidCap Growth Finance, which is part of the new generation of financial instruments supported under Horizon 2020 (IP/14/670). Under this facility, loans are guaranteed against a proportion of any losses incurred on the debt financing covered under the facility.
InnovFin MidCap Growth Finance is part of “InnovFin – EU Finance for Innovators”, the new generation of EU financial instruments and advisory services that was developed under Horizon 2020 to help innovative firms access finance more easily. It will help inject up to €48 billion in investments in Research and Innovation across Europe. It offers long term loans in order to improve access to finance mainly for innovative larger midcaps (up to 3000 employees), but also SMEs and small midcaps. Loans from €7.5 million to €25 million will be delivered directly by the EIB.