The European Investment Bank has granted a EUR 240m ($323m) loan to Italian utility Iren for an offshore regasification plant in Livorno.

A floating terminal – built from a converted liquefied natural gas carrier – will be moored 22 km off the Tuscan coast for the import, storage and regasification of LNG, which will then send sent to the national grid via undersea and overground pipelines.

The project will be built and operated by OLT Offshore Toscana, which is half-owned by Iren and E.ON.