The joint venture Terminal Puerto Tartessos has signed a €105 million loan with BBVA and Kutxabank to build the Southern Dock, a key infrastructure for Moeve's new 2G biofuels plant at the Port of Huelva.
The Southern Dock project, which is already past the halfway mark in its construction, has received a definitive boost with the signing of financing of €105 million. The agreement, concluded this Thursday between the joint venture Terminal Puerto Tartessos (partly owned by Moeve and Exolum) and the entities BBVA and Kutxabank, will enable the completion of a strategic infrastructure for the Outer Port of Huelva.
A key infrastructure for 2G biofuels
The new dock, measuring 511 metres in length, will modernise the logistical capabilities of the La Rábida Energy Park and Exolum's facilities. According to sources from Moeve, the installation will be one of the main entry points for raw materials and exit points for products from the new 2G biofuels plant that the company has in the Huelva complex.
The operation has been structured under a Project Finance model, a system that optimises the capital structure and addresses a long-term strategic investment for the logistical development of the industrial enclave. BBVA has acted as Sole Bookrunner, Sole Underwriter, MLA and Hedge Coordinator, while Kutxabank has been the Lead Arranger.
“The Southern Dock is much more than a port infrastructure: it is an essential piece to drive the energy transition and strengthen Europe's autonomy,” said Carmen de Pablo, CFO and Director of Strategy, Sustainability and M&A at Moeve.
The local impact of the project
For the province of Huelva, the Southern Dock represents a direct economic boost. During its construction, it is already generating employment in the area, and once operational, it will consolidate the Port of Huelva as a reference logistics hub for new sustainable fuels. The infrastructure will allow for more efficient management of the entry of sustainable raw materials and the dispatch of green fuels, reinforcing the position of the Huelva industrial fabric in the energy transition.
David Folgado, CFO of Exolum, highlighted that “logistics is an essential element to make the energy transition possible.” In his opinion, the Southern Dock will provide a more modern, flexible infrastructure ready to manage new energy vectors, contributing to the development of a more sustainable and competitive industry.
“This financing has also allowed for the structuring of an operation that demonstrates the market's interest in Project Finance to support key infrastructures for the energy transition,” added Folgado.
Legal advice and next steps
The transaction involved the firms Garrigues, as legal advisor to Terminal Puerto de Tartessos, and Gómez-Acebo & Pombo, as legal advisor to the financial entities. The structuring of the financing has been led by BBVA.
The Southern Dock, which is already in an advanced phase of construction, is shaping up to be a key piece for Huelva to lead the production of second-generation biofuels in southern Europe. The works are continuing according to the planned schedule, and the dock is expected to be operational in the coming months.
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