BNZ expands solar portfolio

These projects come from the purchase by Glennmont Partners from Nuveen from the Spanish developer and EPC contractor Grupotec, which was announced in September 2021. BNZ, part of the portfolio of Clean Energy Fund III raised by Glennmont, will supervise construction and operation of the eight projects, which will now become an integral part of the portfolio and are a key element in the company’s strategy to expand in the Spanish market.

BNZ plans to reach an installed capacity of more than 1 GW in Spain, Italy, and Portugal by 2024, of which an initial 350 MW are in advanced development stage. The company’s main objective is the production of 100% renewable energy to help achieve a low carbon future which will see it primarily focus on solar PV power generation, with the potential for future expansion into other technologies such as battery storage and hydrogen.

The electricity production of all eight projects would be able to supply the annual electricity needs of approximately 170 000 people, the equivalent of a third of Malaga’s population. The clean energy produced at those plants will avoid 245 000 tpy of CO₂ equivalent emissions, which is approximately 1 million roundtrips from San Sebastian to Cadiz, in an average car. In addition, BNZ estimates that it will create approximately 3600 direct and indirect jobs by 2024.

BNZ is committed to environmental and social progress of the local communities where the company installs its plants. Therefore, in addition to the positive economic impact of the facilities on the local community and its compliance with the maximum environmental criteria, BNZ will analyse and implement social projects to further establish the projects in the local economy.

Board Member of BNZ, Jordi Francesch, said: “This announcement represents an important milestone for BNZ, since the Spanish market has great potential in the development of renewable energies, especially solar PV, and because the portfolio managed by our company will be one of the most important in the country. The development of these clean energy projects will contribute to promoting the energy transition in Spain and to move towards a low emissions economy”.

For these projects, BNZ is supported by Exus Management Partners for the development supervision, and Vector Renewables for the owner’s engineering activities.

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