The European Investment Bank (EIB) has approved a US$84 million loan to the Port Authority of Bilbao to support the Spanish port’s expansion and electrification efforts.
This initiative aims to enhance maritime transport as a more sustainable alternative to carbon-intensive modes of transportation. The EIB’s funding will contribute to making the port’s operations more efficient and environmentally friendly.
The loan will fund the second phase of the central breakwater expansion, the development of the port’s landside electricity grid, and the installation of renewable energy infrastructure on port grounds.
Upon completion, the initiative is expected to reduce maritime transport costs, support the offshore renewable energy sector, and generate renewable energy to advance the port’s electrification.
Furthermore, this project aligns with the EIB Group’s commitment to promoting sustainable transport and its strategic objective of dedicating at least half of its annual financing to climate action and environmental sustainability, further cementing its role as the Climate Bank.
