EIB provides €80m loan for Bilbao expansion and electrification
(Posted on 17/12/24)
The European Investment Bank (EIB) has signed an €80 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. 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.
The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. In total, the EIB Group signed €88 billion in new financing in 2023.
The EIB finances projects that drive greener, safer and more accessible transport, in line with its Transport Lending Policy, updated in 2022 following the adoption of the Climate Bank Roadmap and the European Green Deal. This policy sets the investment priorities needed to surmount the challenges facing the transport sector, and those most apt to power the shift to a more sustainable model. Safe, accessible, green and efficient are the four key and interdependent pillars of sustainable transport.
Latest News
Hamburg and Estonia deepen strategic port cooperation
(Posted on 29/05/26)Hamburg’s Senator for Economic Affairs, Dr Melanie Leonhard, has welcomed Estonia’s Minister... Read more
Associated British Ports appoints new Group Head of Property
(Posted on 29/05/26)Associated British Ports (ABP), the UK’s largest port operator and one of the UK’s biggest... Read more
Associated British Ports appoints new Group Head of Property
(Posted on 29/05/26)Associated British Ports (ABP), the UK’s largest port operator and one of the UK’s biggest... Read more
King and Minister open Rotterdam section of Netherlands hydrogen network
(Posted on 25/05/26)King Willem-Alexander of the Netherlands has symbolically activated the first section of the national... Read more
Collaboration to explore alternative export hub on UAE East Coast
(Posted on 22/05/26)Abu Dhabi based AD Ports Group, a leading global enabler of integrated trade, industry and logistics... Read more
Hamilton welcomes new $135-million Sucro Can sugar refinery
(Posted on 14/05/26)Sucro Can Canada and HOPA Ports marked the official opening of Sucro Can’s new sugar refinery,... Read more
New Liebherr MHC enhances Belfast Harbour’s bulk handling capabilities
(Posted on 13/05/26)Belfast Harbour has made its latest investment in the development of the port with the arrival of a... Read more
Riga and AD Ports MoU marks new phase of cooperation
(Posted on 11/05/26)A Memorandum of Understanding has been signed in Riga between Abu Dhabi-based, publicly traded global... Read more
International conference “all about ports” launches in Hamburg
(Posted on 11/05/26)As an international conference accompanied by an exhibition, all about ports will address key future... Read more
ADMA satellite agreement to enhance efficient routing of minerals and agri products
(Posted on 04/05/26)Abu Dhabi Maritime Academy (ADMA), the Middle East region’s leading academic institution for maritime... Read more
