Infrastructure investor Infranode has announced the development of a new greenfield container terminal in the Port of Gävle, Sweden, with an investment of Skr400m ($42.3m).

Infranode also became a minority shareholder in the port operator YILPORT Sweden Terminal Investment (YST) and a partner and co-owner of YILPORT Holding’s operations in Gävle, Sweden, and the Stockholm Nord intermodal terminal.

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The proceeds will be used to expand a new container terminal in Gävle to meet the demand growth for container transports.

Infranode CEO and founding partner Christian Doglia said: “Our investors such as EIB and Swedish pension and insurance companies are delighted to be part of the development and supporting such a strategically important transport hub.

“Infranode enters into a long-term partnership with both the port authority and YILPORT Holding, which is an established operator of ports globally with extensive experience and a strong local organisation.”

Port of Gävle, which has experienced growth for an extended period of time, is approaching 300,000 twenty-foot equivalent units (TEU).

“Port of Gävle will be able to handle port calls from larger vessels with a volume of up to 600,000 TEU a year.”

The container terminal is expected to be completed next year and is currently in the process of doubling in size to address the increasing demand for container transport.

Upon completion, Port of Gävle will be able to handle port calls from larger vessels with a volume of up to 600,000 TEU a year.

Along with its subsidiaries, YST will hold a concession agreement with a municipality-owned port authority to operate and develop the port until 2046 with a ten-year extension option.

EIB vice-president Alexander Stubb said: “Many of Sweden’s infrastructure projects are relatively small, making it challenging for the European Investment Bank (EIB) to directly support them.

“That’s why we are very pleased about Infranode’s investment decision to support the upgrade of the strategically important Port of Gävle.”