The project, which is set to double the capacity of the largest container port on Sweden’s east coast, is expected to be completed by the fall of 2020.
Swedish infrastructure investor Infranode has invested 400 million Swedish krona ($42.25 million) in the development of a new greenfield container terminal in Sweden’s Port of Gävle, the Stockholm-based company announced Friday.
Infranode also became a minority shareholder in the port operator Yilport Sweden Terminal Investment AB and became a partner and co-owner of Yilport Holding’s Swedish operations in Gävle and the Stockholm Nord intermodal terminal, according to the press release.
The investment’s proceeds will go toward the expansion project to double the capacity of the Port of Gävle, the largest container port on Sweden’s east coast, to 600,000 TEUs. Announced in December 2017, the project is expected to be finished by the fall of 2020.
Yilport Sweden Terminal Investment and its subsidies have a concession agreement with the port authority Gävle Hamn AB until 2046, with a 10-year extension option, to operate and develop the port.
“Infranode’s investment proves that the model we have chosen to facilitate infrastructure development is working well in supporting the region’s core port users’ growth,” said port authority CEO Fredrik Svanbom. “It is an endorsement of the successful investments made so far and a confirmation that the Port of Gävle is developing in the right direction.”