The European Investment Bank (EIB) has announced new funding for Finland's Wartsila to develop eco-engines and power plants.

The EIB said the EUR 125m ($148m) facility is the fifth to support the group's research and development work.

It said previous financing had "resulted in tangible improvements in European engine technology since the first loan was signed in 2003."

The new money will help Wartsila move towards cleaner technologies and higher levels of automation and digitalisation.