Port Authority of Valencia (PAV) in Spain has unveiled a €1.098bn ($1.25bn) investment plan for the period 2021-2025 focusing on sustainability and fuel growth.

The plan includes €27.4m for a new passenger terminal in the Port of València.

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An additional €397m is expected to be invested for the northern container terminal, €100m will be allocated for railway and road accesses, and €56.4m for city-port actions.

Over €60m will be invested in alternative energy projects such as an electrical substation, solar panels and wind power.

In the Port of Sagunto, more than €50m is expected to be spent on railway accessibiity. PAV allocated €19.5m for the generation and conditioning of berths and surfaces in the Muelle Centro 2 and Dique Norte and €8.5m for the integration of the north area and the jetty stand out.

Furthermore, PAV will invest €14.5m in the works on the Serpis 2 quay; €2.8m in the dredging of the port entrance and another €2m for the actions related to the Port of Gandia.

The investment aims to make the port facilities more competitive and effective. It is also expected to generate wealth and employment in the area.

PAV said: “The PAV Investment Plan, validated by the Ministry of Transport, Mobility and Urban Agenda through Puertos del Estado, will undertake projects to consolidate Valenciaport as a strategic hub in the Mediterranean, through which 41% of goods enter and leave Spain by sea, and which will close the 2021 financial year with an increase in total and container traffic, in a sector, maritime transport, which will continue to grow in the coming years.”

PAV manages three state-owned ports of Valencia, Sagunto and Gandía.

In January 2017, PAV unveiled a business plan to invest more than €233m to upgrade the three ports until 2020.