The Swiss Gunvor buys the Port of Bilbao power plant from BP

2023-12-11 20:25:34

The Bahía Bizkaia Electricidad (BBE) combined cycle plant located in the Port of Bilbao changes hands. The independent marketing company Gunvor has bought its 75% from British Petroleum (BP), which will become the new partner of the Basque Energy Agency (EVE), which retains its 25%.

For Gunvor, based in Switzerland and dedicated to the metals and fuels trade, it is the first purchase of a power plant. The price has not been disclosed and the transaction will close in the first quarter of 2024. The acquisition of the 785 MW combined cycle plant demonstrates its confidence that this type of electricity generation assets from gas will continue to play a key role in the energy transition, while renewables are further developed.

“BBE represents an important step in the expansion of our presence in the commercialization of gas and electricity,” said Gunvor Portfolio Director, Shahb Richyal. The Swiss company already has two biofuel plants in Spain located in Huelva and Álava.

For BP, the departure of the Basque plant is part of its strategy to reduce emissions and reorient its investments in Spain towards areas related to electric vehicles and their charging. “This decision reflects BP’s strategy to transform from an International Oil Company (IOC) to an International Energy Company (IEC) that aims to be net zero by 2050 or sooner.” said Andrés Guevara, head of BP in Spain, in the statement.