Nuveen invests in the transition to a low carbon economy, aiming to deliver reliable income streams and capital appreciation through exposure to high quality infrastructure assets. With $3.1 billion in assets under management, and nearly 7.6 gigawatts of renewable energy assets - a capacity capable of powering more than 4 million homes - Nuveen is one of Europe’s largest fund managers focusing exclusively on investment in clean energy infrastructure.

Nuveen’s investment portfolio includes independent power producer (IPP) BNZ, which develops, builds, and operates solar photovoltaic projects in Southern Europe, particularly in Spain, Portugal, and Italy. BNZ plans to deploy a portfolio of more than 1.7 gigawatt of solar PV in Southern Europe by the end of 2026, aiming to become one of the largest solar IPPs in this region.

Seeking to raise funding for the construction of 17 solar photovoltaic projects by BNZ across Spain, Italy, and Portugal, Nuveen approached NatWest, with whom the investment firm has a longstanding successful partnership in the global renewable energy market.

NatWest agreed to join a seven-bank consortium - which also included the European Investment Bank - as a Tier 1 lender for a senior debt facility and ancillary credit facilities totalling €420 million.

The financing, one of the largest in the European renewable energy market, will also enable BNZ to initiate the first forays into geographic diversification, hybridisation projects and other technologies that will help enhance efficiency in the creation and distribution of clean energy.

Luis Selva, Managing Director, BNZ, commented: “This new phase, marked by the closing of our financing, demonstrates the solidity of our business and the ambitious nature of our plans. It opens 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 independent power producers in the market. We want to continue building a cleaner and more sustainable future, and the support from such significant financial institutions shows a shared long-term vision to achieve a better world”.

Lyudmil Banev, Director, Project & Infrastructure Finance, NatWest said: “We are delighted to partner with Glennmont Partners to arrange this flexible and scalable financing package, supporting BNZ’s ongoing growth in the European market and allowing them to maximise the value of their development pipeline. We remain highly committed to funding renewable projects across Europe, aiming to provide £100 billion climate and sustainable financing by 2025. Our new office in Frankfurt, Germany, is strategically placed to better support our European customer bases as they look to further deliver and deploy sustainable technologies.”

Christoph Fischer, Managing Director, Head of Specialist Finance at NatWest’s Frankfurt office, added: “We’re very happy to have worked with Glennmont Partners on this landmark transaction. Energy transition is first and foremost about turning the power sector into the central switchboard of our energy system, for which we need abundant, ubiquitous and competitive green electricity. Continuing to support the renewables sector is an important part of NatWest’s funding, and Southern Europe remains a key region for us.”