The grant was provided under European Union’s "Connecting Europe Facility" initiative and represents 20% of the overall investment to be made by Balearia in retrofitting project.
The ferry operator, however, asked for a maximum grant of EUR 15 million for the project, that is scheduled to start later in 2018 and will be finished in 2021.
The ferry upgrades are due to address Balearia's main challenge by implementing LNG usage, a fossil fuel featuring reduced environmental impact.
The retrofit includes remotorisation of the ships Abel Matutes, Bahama Mama, Martín i Soler, Napoles and Sicilia ferries. Napoles will be the first to change its engines for LNG operations beginning next month.
The project is due to enable Balearia to reduce the emissions of over 45,000 tons of carbon dioxide and 4,400 tons of nitrogen oxide per year, while completely eliminating release of sulfur and particulate matters.
Balearia's ferry upgrades project will comply with the objectives of EU Regulation 1315/2013 in terms of sustainability, cohesion and efficiency, as well as support maritime transport's decarbonisation.