Solar-focused independent power producer (IPP) BNZ has secured a €680 million (USD 742.2 million) loan, marking its first multinational Total IPP Financing (TIPPF), aimed at funding projects in Southern Europe.
The financing structure includes a €420 million senior debt credit facility and additional ancillary credit facilities offered through a green loan, along with up to €260 million in Holdco financing.
BNZ intends to utilize these funds to complete its solar photovoltaic (PV) projects across Portugal, Spain, and Italy. The company also plans to explore geographical diversification, hybridization, and other clean energy technologies as part of its growth strategy.
By the end of 2026, BNZ aims to roll out more than 1.7 GW of solar power in Southern Europe. The €420 million funding received backing from various European institutions, including the European Investment Bank (EIB), ABN AMRO, Intesa Sanpaolo, NatWest, SMBC, and Bankinter.
The Holdco financing will be provided by funds managed by Ares Management's Infrastructure Debt and US Direct Lending strategies.
