Energy trader Gunvor has announced its agreement to acquire a 75% stake in a 785 megawatt (MW) power plant in Bilbao, Spain, from bp Gas Marketing. This marks Gunvor’s first power plant acquisition and is expected to be completed in the first quarter of 2024.

Gunvor has been building up its team covering EU power trading since 2019, with about 10 people based in Geneva, Madrid, and London, according to Reuters.

“This decision reflects bp’s strategy of transforming from an International Oil Company (IOC) into an Integrated Energy Company (IEC) that aims to become net zero by 2050 or sooner,” Andrés Guevara, head of bp in Spain, said, adding that “we remain committed to this transformation in Spain… as we reorient our investments towards transition growth engines such as EV charging, bioenergy, renewable power, and hydrogen.”

The Bilbao power plant currently runs on natural gas, and the remaining 25% stake will continue to be owned by the energy agency of the Basque regional government.

Gunvor already has two biofuel plants located in Huelva and Álava and is looking to expand its presence in renewable energies through its investment arm, Nyera.

Notably, Gunvor is one of the top five independent oil traders and a leading liquefied natural gas trader.