The European Investment Bank (EIB) announced it has signed a €80 million loan deal wth the Port Authority of Bilbao. The funds will finance the second phase of its port expansion efforts and the installation of renewable energy infrastructure, Ship & Bunker reported.
The projects 'second phase' calls for the expansion of the port of Bilbao's central breakwater, developing the port's landside electricity grid, and installing renewable energy generation infrastructure on port land.
The port of part of the Trans-European Transport Network (TEN-T), with the project aims to provide additional port capacity and increase the efficiency of the network and of its Atlantic Corridor.
"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 Port and EIB said in a joint statement.