Valenciaport will build a new environmentally friendly container terminal at the Port of Valencia to increase TEU capacity and support the local and national economy.
In a statement, Valenciaport said the new terminal will be most “environmentally advanced” in the world, with 98% fewer carbon emissions and fully renewable shore power provided to ships.
Valenciaport says it will create 80,000 jobs and more than double the port’s current workforce. Additionally, the expanded port could generate $6.7 billion (€6 billion) for the Valencia region when it is completed in 2030.
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The new terminal is part of $1.57 billion (€1.4 billion) public-private investment scheme with terminal operator Terminal Investment Limited (TIL).
Aurelio Martinez, President of the Port Authority of Valencia, said the port was already at 73% capacity and will need to expand if it is to meet the increasing demands of international trade.
“We want to continue to be a hub port, not to lose traffic and to fulfil our objectives and commitments to society,” Martinez said.
The port’s expansion has been planned since 2008, when work for the breakwater for the new terminal began; the new breakwater was completed in 2012 with financial help from the EU.
It is the latest in a series of announcements made by Valenciaport to maintain and increase trade on Spain’s East coast in an environmentally-friendly way.
In June 2020 it announced plans to build an electricity substation as part of a wider project to cut emissions by providing shore power to ships.