BILBAO PORT EXPANSION

Promoter – Financial Intermediary

AUTORIDAD PORTUARIA DE BILBAO

Location

• Spain

Description

The loan will finance the expansion of the second phase of the Bilbao Port's Central Pier (Espigón Central), including the development of onshore power supply network and renewable energy generation facilities within the port limits.

Additionality and Impact

The Project will provide additional port capacity and increase efficiency in the Trans-European Network-Transport (TEN-T network). It is expected to reduce maritime transport costs, support the offshore renewable energy industry and provide the port with additional OPS capacity as well as renewable energy sources.

 

EIB financing provides the client with attractive financial conditions, including long tenor and grace periods -especially compared to alternative funding sources- and flexible loan terms, such as long grace and disbursement periods, which are therefore better suited for the implementation of the Project. EIB's financing also supports the Promoter in achieving diversification of funding sources and contributes to the stability of their financing needs.

Objectives

The aim is to provide additional port capacity and increase efficiency in the Trans-European Transport Network (TEN-T) network, which will reduce maritime transport costs, support the offshore renewable energy industry and provide the port with additional onshore power supply capacity as well as renewable energy sources.

Sector(s)

• Energy - Electricity, gas, steam and air conditioning supply
• Transport - Transportation and storage

Proposed EIB finance (Approximate amount)

EUR 80 million

Total cost (Approximate amount)

EUR 165 million

Environmental aspects

Two Environmental Impact Assessments (EIA) were already carried out in 2013. The Promoter was required to provide additional information to ensure the project's compliance with the Directive 2014/52/EU amending the EIA Directive 2011/92/EU, which will be further verified at appraisal. Compliance with the Water Framework Directive 2000/60/EC (as amended), the Floods Directive 2007/60/EC, the Habitats Directive 92/43/EEC and Birds Directive 2009/147/EC will also be further verified at appraisal.

Procurement

The Promoter has to ensure that contracts for implementation of the Project will be tendered in accordance with the applicable EU procurement legislation, Directive 2014/25/EU as well as Directive 92/13/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Status

Signed - 4/12/2024