Trader and charterer Gunvor Group is selling off part of its Stargate oil terminal at Europoort in Rotterdam for renewable-fuel infrastructure projects.
The buyer is new decarbonisation player Global Energy Storage (GES), which was formed in May and backed by Bluewater, the private equity firm focused on the middle-market energy sector.
GES, in its first deal, will develop more than 20 hectares of vacant land.
"GES has ambitious plans to develop a large industrial site at Rotterdam for storage solutions for low-carbon products to facilitate the energy transition," Gunvor said.
The site includes a significant waterfront with deep-water access, brownfield development opportunities and potential greenfield development sites.
Bringing new fuels into the supply chain
Gunvor will stay on as a long-term partner of GES in Rotterdam.
GES will build a new multipurpose seagoing jetty, as well as developing infrastructure for biofuel and gas storage, gas to chemical production, and projects to make green and blue hydrogen and ammonia part of the supply chain.
"This deal is in line with Gunvor’s strategy to support the advancement of energy transition initiatives at our key asset locations," said Shahb Richyal, global head of portfolio at Gunvor Group.
GES wants the site to become one of the largest low-carbon developments at a world-class industrial hub.
Rotterdam is Europe's largest port, with deep-water access and connections to inland waterways and pipeline infrastructure.
Eric Arnold, executive chairman of GES, said: "This is the first of what we hope will be many deals. We are looking to develop an international network of storage and logistics infrastructure for low-carbon commodities."
He added there will be a rapid expansion of his company's activities this year and in 2022.
