The Board of Directors of the Port Authority of Gijón, in a meeting held this afternoon, approved a proposal for the restructuring of the credit agreement signed between the Port Authority of Gijón and Puertos del Estado in February 2010, for an initial amount of 215 million euros, intended to finance the expansion works of the Port of Gijón. This operation, which has been worked on with Puertos del Estado and will be ratified in a forthcoming Governing Council of said body, is carried out with the aim of adapting the debt repayment schedule to the real needs of investment, conservation, and maintenance of the port during the coming years.

With this restructuring, the repayment period is extended by seven and a half years (from June 2038 to December 2045), and a lower principal repayment requirement is achieved in the short and medium term, in exchange for a higher nominal financial cost.

For the president of the Port Authority of Gijón, Nieves Roqueñí, "this novation will allow us to distribute existing financial commitments more appropriately over time, so that we can simultaneously meet debt service and the operational and strategic needs of the port. We appreciate the collaboration shown by Puertos del Estado, which has facilitated us in achieving this objective."

Likewise, the board was informed of the result of the selection process for private entities' offers to complete the restructuring process of the existing debt with the European Investment Bank, which amounts to 41.3 million euros. The selected offers were from Banco Sabadell (26.3 million euros) and Caja Rural (15 million euros).

Port Infrastructure and Business Development

The board also addressed various actions related to the improvement of port infrastructure and the development of the port's business activity.

Regarding port infrastructure, the Board of Directors has authorized the initiation of the contracting for the paving and urbanization works of the starting area of the Romualdo Alvargonzález Figaredo quay, with a base bidding budget of 1.95 million euros. The action covers an approximate area of 34,000 square meters, located between the new railway line and the Tudela Veguín cement terminal.

The works include the renovation of the pavement and the execution of two transversal collectors, 120 meters long and one meter in diameter, intended to facilitate the future evacuation of rainwater. The intervention will improve the conditions of an area that was urbanized in 2012 and has experienced settlements and deterioration derived from port operations.

New Concessions and Environmental Initiatives

On the other hand, the Board of Directors has agreed to grant a concession to REGENERA OPS TRES, S. L., to install and operate a shore power supply system for container ships at the seventh alignment of the Osa quay.

With this action, vessels will be able to connect to the electrical grid during their stay in port, reducing the need to keep their auxiliary engines running and contributing to reducing emissions associated with their activity. The planned investment amounts to 4.29 million euros, to which will be added the 3.5 million euros that the Port Authority will invest to complete the action.

Furthermore, an environmental bonus of 20% on the activity fee of MUSEL ENERGY HUB, S. L., has been approved for its adherence to an environmental best practices agreement with the Port Authority of Gijón, thus becoming the first facility in Musel to sign it and obtain this bonus.

Regarding concessions, the board has granted a 12-year concession to Conservas Agromar for an area of 329 square meters for the construction of a warehouse on the Rendiello Quay, which will require an investment of 256,000 euros.

Also in this area, Cruz Roja has been granted a concession for the use of premises located on the Espigón Central de Fomento of the Gijón Marina, which will be used to support maritime rescue activities and protection of life at sea after an investment exceeding 100,000 euros. With this concession, Cruz Roja will vacate the space occupied in El Torreón. It should be remembered that in July of this year, the procedure, promoted by the Port Authority, was initiated to include the tower in the Maritime-Terrestrial Public Domain.

On the other hand, the transfer of different concessions currently held by Alvargonzález S.L to the company ERSHIP has been approved, within the framework of an operation that involves segregating all port businesses to concentrate them in this company, 100% owned by Alvargonzález.