BNZ gets EIB loan for 700-MW solar pipeline in Spain, Italy, Portugal

The European Investment Bank (EIB) has signed a EUR-166-million (USD 184.9m) loan for Southern Europe-focused independent power producer (IPP) BNZ to support the deployment of 17 solar farms across Spain, Italy and Portugal with a combined capacity of more than 700 MW.

The funding, supported by the EU flagship programme InvestEU, marks the first tranche of a EUR-500-million loan approved by the EIB to support BNZ’s roll-out of 1.7 GW of solar power in Southern Europe by the end of 2026.

The 17 new photovoltaic plants will mostly be located in cohesion regions, where per capita income is lower than the EU average, underlining the EIB’s commitment to economic growth and convergence among regions, the lender noted in a press statement released today.

Once commissioned, the facilities will generate enough power to meet the annual energy needs of more than 390,000 households.

(EUR 1 = USD 1.114)

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