Port access- Bilbao is a logistics, industrial and energy hub housing key strategic projects for the Basque Country, with the EU-backed Basque Hydrogen Corridor providing the region with a great opportunity.
- 78% of the investment being made is private and earmarked for fuel plants and synthetic aggregates, renewable hydrogen, recycling of all kinds, biofuels and wind components.
- The circular economy is largely dependent on the investments of both the Port Authority itself and private enterprise.
- The Board of Directors has awarded a contract for the works for the second phase of the central breakwater for 55.14 million euros.
- The Port of Bilbao is looking to tap into the important opportunities that now lie ahead, as a leading port on the Atlantic, to become a port for exporting both goods and energy, and to lay the foundations for sustainable growth based on innovation which, at the same time, will help position the Basque Country as a European benchmark.
- The roadmap of the Port Authority of Bilbao is to become a competitive Green Port and, at the same time, to attract new markets and traffic, which have seen a 10% increase up to June, the highest such increase since the pandemic and above the average for State Ports.
Santurtzi, 30 July 2024. The Port of Bilbao is a logistics hub, equipped with terminals, warehouses, services and professionals to handle, advise on and load/unload any type of traffic, of any nature and size for anywhere in the world; an industrial hub that houses plants that manufacture or transform and terminals used to assemble parts and export them all around the world; and an energy hub in which an industrial zone has been set up and where energy of all kinds is produced, leading the energy transformation and promoting renewable projects.
These three key areas – logistics, industry and energy – are the cornerstones upon which the Port Authority of Bilbao and the companies of the port community have established sustainable growth guidelines, and are taking forward projects that contribute both to the economic growth of the Basque Country and to making it an innovative, cutting-edge and sustainable region. In parallel to its key role in the internationalisation of our companies, the port acts as a driver to become part of a new economy in which, as well as being agile, flexible and competitive, we must be sustainable to compete in a global market.
At present, projects requiring an investment of close to 700 million euros are either ongoing or are in the process of being approved in the Port of Bilbao. Of this investment, 78% is private and is earmarked for fuel plants and synthetic aggregates, renewable hydrogen, recycling of all kinds, biofuels and wind power components. Likewise, the circular economy is largely dependent on the investments of both the Port Authority itself and private enterprise
Two other major areas of opportunity the Port of Bilbao is providing for the Basque Country are the capacity to host green corridors and the EU-backed Basque Hydrogen Corridor. In this respect, the Ports of Bilbao, Amsterdam and Duisport, together with the Basque Energy Agency (EVE), Petronor and the Dutch organisations SkyNRG, Evos Amsterdam and Zenith Energy Terminals, have co-signed a Memorandum of Understanding (MoU) in the field of hydrogen and its distribution along this maritime route. The Port of Bilbao is a key player in this corridor targeted by the European Union, as it meets all the requirements for the development of the production, transport and logistics of green hydrogen and its contribution to decarbonisation, with a view to net zero emissions.
On another note, the Board of Directors of the Port Authority has awarded the contract for the works of the second phase of the central breakwater in the Outer Abra for 55.14 million euros. These works will generate a new port area of 31.2 hectares and 1,011 linear metres of new berthing quays.
Economic and financial equilibrium
Turnover has amounted to 39.2 million euros between January and June 2024, compared to 33.6 million euros in the same period in 2023, a year-on-year increase of 16.8%.
Debt with the European Investment Bank at the end of the half year stands at 39 million euros, with cash of 66 million euros available to cover ongoing investments.
In line with the principle of financial and management autonomy, maintaining a healthy economic and financial balance is another cornerstone of the 2023-26 Strategy Plan of the Port Authority of Bilbao, enabling the port to roll out new infrastructure and services in the areas of energy transition, innovation and the environment. In this respect, the Port Authority has secured a total of 30.8 million euros in EU funding to support a portfolio of actions totalling 102.1 million euros, with an average co-funding rate of 30.1%. These investments are in the implementation phase, for execution over the period 2024 to 2026.
