BNZ has secured more than €680 million in financing from a pool of lenders
It will use the proceeds to advance over 1.7 GW solar PV capacity by 2026
This capacity is planned to be located in Southern Europe’s Spain, Italy and Portugal
Spanish independent power producer (IPP) BNZ has announced the successful financial close of over €680 million, calling it Europe’s 1st multi-country total IPP financing (TIPPF). This debt financing will support the company’s development of over 1.7 GW solar PV projects across the European countries of Spain, Italy and Portugal by 2026.
It comprises €420 million senior debt and ancillary credit facilities that will enable it to further expand in Southern Europe over the coming years and undertake ambitious project deployment plans.
The lender consortium includes the European Investment Bank (EIB), ABN AMRO Bank, Intesa Sanpaolo, NatWest, Sumitomo Mitsui Banking Corporation, and Bankinter.
Additionally, €260 million of the total financing comes as a Holdco financing facility to be provided by funds managed by Ares Management Corporation.
BNZ said this financing gives a significant boost to its activities as it aims to become one of the largest solar IPPs in Southern Europe. “It will also initiate the first forays into geographic diversification, hybridisation projects and other technologies that will help improve efficiency in the creation and distribution of clean energy,” it added.
In September 2024, BNZ secured a €166 million loan from the EIB to advance over 700 MW of solar PV capacity across the cohesion regions in Spain, Italy and Portugal. This is part of a €500 million loan the bank has approved to support the 1.7 GW pipeline (see EIB Shells Out €166 Million For 700 MW Solar PV Power Plants In EU).