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The European Investment Bank (EIB) has agreed to provide a €35m loan to Spanish high-speed passenger trains manufacturer Patentes Talgo to finance its research, development and innovation (RDI) strategy.

The green loan will be used by Talgo between 2021 and 2024 to strengthen its competitiveness through the development of new rolling stock solutions and product portfolio expansion.

Talgo intends to invest in low-carbon rail transport vehicles. This includes the research, development and innovation activities of low-carbon rail transport vehicles’ key components and systems.

Talgo chairman Carlos Palacio added: “Talgo has been committed to rail sector innovation since its founding almost 80 years ago. We firmly believe that trains are the immediate response to the climate emergency, and EIB support will enable us to make further progress in decarbonising the transport system.”

EIB’s investments are said to comply with the EU Sustainable and Smart Mobility Strategy and the Climate Bank Roadmap, which supports a €1tn investment in climate action and environmental sustainability by 2030.

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By GlobalData

According to the bank, the investments will deliver safer products and manufacturing processes.

It will also result in positive environmental impacts pertaining to the development of energy-efficient rolling stock that utilise recyclable composite materials.

Furthermore, the investments are expected to enable sustainable mobility by increasing passenger and goods rail traffic gradually while supporting an affordable high-speed rail network.

EIB vice-president Ricardo Mourinho Félix said: “We are proud to finance Talgo’s RDI strategy once again, demonstrating our commitment to sustainable transport. This operation again reflects the EIB’s support for helping Spain to achieve an economic recovery focused on the environment, innovation and job creation.”

Talgo is engaged in designing, manufacturing and maintaining light high-speed trains. In addition to Spain, it has operations in the US, Germany, Denmark, Kazakhstan, Uzbekistan, Russia, Saudi Arabia, as well as Egypt.