Spanish owner Balearia has clinched the country’s first sustainable loan for shipping.

The €80m ($89m) syndicated financing led by CaixaBank will help the ropax specialist build a fleet of greener LNG-fuelled vessels.

The interest will be calculated using two environmental indicators: the number of eco vessels operated, and the number of ships with electrical connections when docked.

Other lenders include Abanca, Banca March, BBVA, Cajamar and Santander.

Balearia said it seeks to lead the transformation of Spain’s shipping sector by reducing pollution through the use of cleaner energies.