EMEA News
Port of Bilboa Secures EIB Funding to Develop Low-carbon Infrastructure
The Port of Bilboa is to receive EUR 80 million ($80.4m) from the European Investment Bank to develop the port's low-carbon infrastructure.
The loan is to finance "expansion and electrifcation" of the port operations, the port authority said in a statement.
"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," according to the statement.
"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," it added.
Shore power, or cold ironing, where ships plug into the port's electric power system is an established method of reducing greenhouse gas emissions from port operations.
