Independent power producer BNZ has closed a financing deal worth €680 million (US$741million) to fund its ongoing solar portfolio expansion plans in southern Europe.
The IPP said the debt financing facility would enable it ramp up project construction work already underway in Italy, Portugal and Spain as well explore new markets and technologies.
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The deal, which BNZ described as a “multi-country total IPP financing”, combines a €420 million green loan facility from a number of European banks with a €260 million Holdco debt financing facility from private equity investors.
BNZ is aiming to build out a portfolio of PV projects totalling 1.7GW in southern Europe by the end of 2026. In addition, the company said it was planning its first “forays” into geographic diversification as well as pursuing hybrid projects and other clean energy technologies.
BNZ managing director, Luis Selva said: “The new phase marked by the closing of our financing, reaching €680 million, demonstrates the solidity of our business and the ambitious nature of our plans and opens up new opportunities for us to explore technological and geographical diversity, and to expand both our operations and our team, with the aim of becoming one of the largest IPPs in the market.”
To date, BNZ has completed two projects totalling 74MW in Cádiz, Spain, and has a number of others either under construction or in development in Spain, Italy and Portugal.
