BNZ inaugurates the construction works of three 135 MWp photovoltaic parks in Viterbo (Lazio)
BNZ, an independent power producer (IPP) that develops, builds, and operates solar PV projects, has inaugurated today the works of three 135MWp photovoltaic projects developed in the Lazio region, near Viterbo and Montalto di Castro. The event “Powering Europe to a greener future. Redefining Italy’s energy landscape”, held today in the province’s capital, Viterbo, and promoted by BNZ, has enjoyed the presence of seventy people including business partners, local representatives and residents as well as various collaborators.
BNZ, thanks to its expertise and investments, intends in this way to collaborate on Italy’s energy transition goals and expects to bring further initiatives to life by developing a total pipeline of around 500MWp of renewable energy projects by the end of 2024 in the country. In total, BNZ plans to deploy an aggregate portfolio of more than 1.7 GW of solar PV in southern Europe (Italy, Spain, and Portugal) by the end of 2026.
BNZ is an independent power producer (IPP), launched in 2021 by Glennmont Partners which is now part of Nuveen, the investment manager of TIAA with $1.1 trillion in assets under management as of 30 June 2023 and operations in 27 countries.
Glennmont Partners is one of Europe’s largest specialist renewable energy fund managers with approximately €2 billion invested in over 30 clean power projects such as wind farms, solar photovoltaic and biomass that together produce more than 1,500MW of energy across the European Union. Glennmont Partners expects to invest approximately EUR 350 million in the entire BNZ platform.
Luis Selva, Managing Director of BNZ, said: “Today’s event is a concrete testimony of our commitment to contribute to the development of renewables in Italy, which has an important potential in this field. Our dedication to being a responsible partner in the communities where we operate is our goal, to ensure that our projects can be an opportunity for employment, social and environmental growth and, building strong relationships to ensure the long-term success”.
Jordi Francesch, Global Head of Asset Management and Chief Risk Officer of Glennmont Partners from Nuveen, the parent company of BNZ, who was also present at todays’ event highlighted: “The energy transition offers significant opportunities to Italy, both in terms of generating pure renewable energy, the creation of wealth to local communities and jobs associated with it. And the current context of climate emergency and geopolitical instability only further emphasizes this opportunity”.
The electrical production of these project would be capable of supplying nearly 60% of the annual electrical needs of both Montalto di Castro and Viterbo cities. The clean energy produced at these plants will prevent the emission of 66187 tons of CO2 equivalent per year, which is roughly equivalent to about 20000 round-trip flights between Rome and Mexico City. In addition, BNZ estimates that it will create between 182 and 197 direct and indirect jobs by the year 2025 when the plants will be inaugurated.
The reliable and affordable national photovoltaic solar energy production will prevent the importation of fossil fuels such as natural gas from third countries. This will enhance energy independence and supply security, in addition to improving environmental sustainability. For example, the energy produced by these BNZ projects will save the use of nearly 41.5 million cubic meters of natural gas per year that would have been consumed by combined cycle gas turbine (CCGT) plants to generate the same amount of energy.
BNZ to promote environmental projects that will regenerate the flora of the local community
BNZ is fully committed to the environmental and social progress of the local communities where the company operates its plants. Therefore, in addition to the positive economic impact of the facilities on the local community and their compliance with the highest standards, BNZ will develop specific agrivoltaic projects at these three photovoltaic solar energy plants to cultivate olive trees and other plants beneath the solar panels, as well as installing beehives. Additionally, BNZ will fund self-consumption installations that will produce clean energy for public schools in the municipalities.