BNZ has secured a €500 million loan from the EIB to advance 17 solar PV projects across Spain, Italy, and Portugal, generating over 700 MW of capacity. This funding will help the firm expand its renewable energy portfolio and promote green energy across Europe.
€166 Million to Drive 17 Solar Projects
BNZ has secured a €500 million loan from the European Investment Bank (EIB) to accelerate its solar PV project pipeline. The first tranche of the loan — amounting to €166 million — will help firm move forward with 17 solar PV projects. These projects will generate over 700 MW of capacity across Spain, Italy, and Portugal.
This loan is a significant step for BNZ — a Spanish independent power producer (IPP) — owned by Nuveen Infrastructure. It will help the solar company continue its work developing solar power across Europe, expanding its portfolio, and promoting renewable energy.
BNZ's projects are part of a larger pipeline that the company aims to complete by 2026. This pipeline targets a total of 1.7 GW of capacity in Southern Europe. The first part of this funding will be used to build 17 solar PV projects. These projects will be spread across Spain, Italy, and Portugal — and combined — they represent over 700 MW of solar power.
The projects are located in cohesion regions, which are areas where income levels are below the EU average. This aligns with the European Union’s goal to promote development in these regions. BNZ’s solar projects will provide much-needed green energy to these areas, thereby improving their economic and environmental outlook.
Impact on Energy Supply and Households
The initial €166 million investment is expected to have a significant impact. Once completed, these projects will generate enough energy to supply the needs of over 390,000 households. The renewable energy generated will replace fossil fuels, thus reducing carbon emissions and contributing to the EU’s climate goals.
This financing also comes under the EU’s InvestEU program, which aims to promote investment in sustainable projects. BNZ Managing Director, Luis Selva highlighted that this loan will allow the company to explore technological diversity and increase its team size.
EIB's Support for Renewable Energy in Europe
The EIB has been an active supporter of renewable energy projects across Europe. In 2023, the bank approved €1 billion in financing for Iberdrola, another major player in the renewable energy sector. This funding was used to build 2.2 GW of renewable energy capacity in Spain, Portugal, and Germany, focusing on similar cohesion regions.
For BNZ, the €500 million loan is a critical step in advancing its portfolio. The EIB Director of Equity, Growth Capital, and Project Finance, Alessandro Izzo, stressed the importance of the project in boosting energy security. He noted that these projects will contribute to Europe's energy independence by reducing the region’s reliance on fossil fuel imports.
BNZ’s Growing Role in the Solar PV Market
BNZ is not just another renewable energy developer. It is a key player in the European renewable energy market, thanks to its focus on solar PV projects. Owned by Glennmont Partners, BNZ has been steadily expanding its portfolio of solar projects across Southern Europe.
The solar energy market in Southern Europe is growing rapidly. Countries like Spain, Italy, and Portugal are ideal locations for solar power, thanks to their high levels of sunlight. By focusing on these countries, BNZ is tapping into a huge potential market for renewable energy.
As BNZ continues to expand its portfolio, it will play a key role in Europe’s transition to renewable energy. With the support of the EIB and the EU’s InvestEU program, the solar firm is well on its way to becoming one of the largest independent power producers in the European market.