- Loan of €115 million to deepen navigation channel in Port of Esbjerg on North Sea.
- Expanded port capacity to accommodate larger vessels, including for NATO operations.
The European Investment Bank (EIB) is lending €115 million to expand the Danish Port of Esbjerg in a way that will serve military vessels, enhancing European defence.
The investment loan will also bolster Europe’s position in the renewable energy market because Esbjerg, located in western Denmark on the North Sea, is Europe’s largest port for shipping offshore wind turbines.
The project will deepen the navigation channel of the port so it can accommodate larger vessels, including naval forces. In addition, a 57-hectare terminal will be constructed to provide a hub for the growing offshore wind energy industry in the North Sea.
The strategic location of the port, which dates back to 1868 and was once Denmark’s main fishing harbour, is important both for North Atlantic Treaty Organization (NATO) operations and for the development of the Trans-European Transport Network (TEN-T).
"This investment in the Port of Esbjerg is a critical move that will strengthen Denmark’s and Europe’s energy security and sustainability while increasing our collective defence capabilities," said EIB Vice-President Ioannis Tsakiris. "By improving the port's infrastructure, we are enabling greater connectivity, supporting the development of renewable energy sources through the Bank’s REPowerEU initiative and ensuring new military uses."
The project, expected to start in October 2024 will contribute to the shift from road to more sustainable short-sea shipping and rail transport, strengthening the port’s role in the regional logistics network and supporting broader climate actions.
“As one of the largest offshore wind ports in the world needs to be developed to accommodate the requirements for NATO and the expansion of the TEN-T network, we are pleased to have the European Investment Bank on board to underpin our strategic plans through its attractive lending capabilities, which will also contribute to enhancing trade between Europe and the United States,” said Søren Gade, Chairman of Port Esbjerg.
Background information
The European Investment Bank 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, contribute to peace and security, and support a just and swift transition to climate neutrality. The Group’s AAA rating allows it to borrow at favourable conditions on the global markets, benefiting its clients within the European Union and beyond. The Group has the highest ESG standards and a tier one capital ratio of 32%.
Port Esbjerg is located on the west coast of Denmark and with its location next to the North Sea, is instrumental in Europe’s offshore wind plans and in the Green Power Plan. To date, the port has catered for 59 offshore wind projects, as well as being the location for shipment of modular goods. With direct access to the Trans-European Transport Network’s multiple corridors, the port’s location allows for expansion of the network beyond Europe. The port is also frequently used by NATO in shipments between the United States and Europe.