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.