The Government Approves €2.196 Billion to Finance Three Naval Programs by Navantia

The Council of Ministers has approved the granting of €2.196 billion in repayable advances to Navantia to finance three naval programs for the Navy. The majority of the funds, €1.786 billion, will be allocated to the development and construction of six new units of the European Patrol Corvette (EPC).

The other two programs will receive €210 million to modernize the Segura-class minesweepers and €200 million for the modernization and maintenance of various surface ships and submarines of the Navy, including those of the S-80 class.

The loans will have an interest rate of 0% and will be granted over multiple years between 2026 and 2031. Their disbursement will be conditioned on meeting certain milestones, which must be certified by the Ministry of Defense.

The European Patrol Corvette program accounts for more than 81% of the approved funding. It is an international project managed by the Joint Organization for Armament Cooperation (OCCAR), involving Spain, Italy, France, and Greece. Navantia and the Italian Fincantieri are working together on its development and commercialization.

The second program involves the modernization and technological evolution of the six Segura-class minesweepers, built by Navantia in Cartagena and in service since 1999. The actions will allow for the updating of their equipment and extend their operational life by ten to fifteen years, while the Navy prepares for the development of its future minesweepers.

The remaining €200 million will be allocated to modernize and maintain various surface and submarine units of the Navy, including the S-80 submarines. This funding adds to other maintenance actions already planned for these submarines and will address the maintenance needs of various naval units.

Photo: Navy