EIB Signs €80M Loan for Sustainable Expansion of Port of Bilbao in Spain

The project is part of the EIB Group’s broader initiative to promote sustainable transport solutions, with a focus on addressing climate change.

The European Investment Bank (EIB) has entered into an agreement to provide an €80 million loan to the Port Authority of Bilbao, financing the expansion and electrification of the port. This major project supports the shift towards more sustainable transport by enhancing the port's capacity and efficiency, reducing carbon emissions, and boosting its role in the Trans-European Transport Network (TEN-T).

The EIB financing will be directed towards the second phase of the port’s central breakwater expansion, which is essential for increasing port capacity and improving the safety and accessibility of the facility. Additionally, the project includes the development of an advanced landside electricity grid to support port operations, as well as the installation of renewable energy infrastructure on the port’s land.

This investment aligns with the port’s commitment to transitioning to a more sustainable and low-carbon operation, particularly by integrating renewable energy sources into its energy mix. The electrification efforts are expected to reduce the port's reliance on fossil fuels and help meet environmental sustainability targets.

Benefits to Maritime Transport and Offshore Renewable Energy

Once completed, the expansion will enhance the efficiency of the Atlantic Corridor, a vital part of the TEN-T network, making maritime transport more competitive and cost-effective compared to more carbon-intensive modes of transport. By improving port infrastructure, the project is expected to lower transportation costs and facilitate a greener maritime industry.

Furthermore, the port’s enhanced renewable energy capacity will play a key role in supporting offshore renewable energy projects, strengthening the region’s commitment to green energy transition. The increased availability of renewable power will also help in reducing the port's environmental footprint.

Supporting EIB’s Climate Goals

The project is part of the EIB Group’s broader initiative to promote sustainable transport solutions, with a focus on addressing climate change. As part of its strategic priority, the EIB aims to direct at least 50% of its annual financing to climate action and environmental sustainability projects. This commitment solidifies the bank’s role as the "Climate Bank" and reinforces its ongoing efforts to support green initiatives across Europe.

By financing the Port of Bilbao’s transformation, the EIB is not only boosting the port’s infrastructure but also contributing to the long-term sustainability of the entire maritime transport sector. The expanded and electrified port will play a crucial role in enhancing Spain’s green energy potential and improving the environmental performance of the broader European transport network.