The European Investment Bank (EIB) has signed an €80 million ($83.9 million) loan with the Port Authority of Bilbao to finance the expansion and electrification of the Port of Bilbao.
The project supports maritime transport as an alternative to other more carbon-intensive modes, with the EIB financing also helping to make it more sustainable and efficient.
The EIB loan will facilitate investments into the second phase of expanding the Port of Bilbao’s central breakwater, developing the port’s landside electricity grid and installing renewable energy generation infrastructure on port land.
By virtue of its location in a key port for the Trans-European Transport Network (TEN-T), the project will provide additional port capacity and increase the efficiency of the network and of its Atlantic Corridor in particular.
READ: Port of Bilbao to invest in sustainability
Once complete, the project is expected to cut the cost of maritime transport, support the offshore renewable energy industry and provide the port with additional sources of renewable energy to aid its electrification efforts.
The project is part of the EIB Group’s action to promote more sustainable transport and supports its strategic priority to direct at least half of its annual financing to climate action and environmental sustainability, thereby consolidating its position as the Climate Bank.
