Renewables, Bnz invests 250 million in Italy and focuses on batteries

Relaunch on renewables for Bnz, an independent energy producer (Ipp) based in Barcelona (Spain) controlled by Nuveen Infrastructure's Europe Clean Energy Fund III and with plants in Spain, Portugal and Italy. Italy is confirmed as central to the strategy of the company, which, from being an operator exclusively dedicated to photovoltaics, is also opening up to other technologies: battery storage systems in primis and wind power. The €680 million financing with a pool of international banks (including Intesa), one third of which was earmarked for Italy, closed at the end of 2024 gave the decisive acceleration and now Bnz is ready to announce new projects.

'Globally, we have increased the pipeline from 1.5 to 2 GW. This growth also includes Italy, where we are going from 500 MW projects to 800 MW. Of these new 300 MW, 70 per cent will be battery storage systems, while we are preparing to look at wind power. The development of battery systems will take place in the regions where we are already working with solar plants: Lazio, Puglia, Sicily. For wind power we are looking at Sicily. In particular, in the long term, we are looking at hybridisation projects between solar and wind, as we see wind power plants close to our solar parks. We started in 2021 exclusively with solar, now we are becoming a multi-technology renewable producer,' explains Luis Selva, Bnz's CEO.

The manager also provides a budget: 'We estimate the total investment for these new 300 MW projects at EUR 200-250 million, depending on market conditions, over the next 2-3 years. As far as battery development is concerned, we are working on systems to be developed from scratch alongside our solar plants and we are ready to evaluate ready-to-build projects to be acquired, in the regions where we are already present and also elsewhere in Italy. We expect the first systems to go into operation next year'.

On 30 September, the first auction of the Macse (Forward Storage Market), the system with which Terna acquires storage capacity to ensure stability and balance in the grid, will begin. "We will participate in the Macse with part of our battery projects. For an operator like us, it is a very attractive option: since it is a very regulated instrument, it is able to stabilise business alongside normal commercial activities, PPAs, and the provision of services. We will also consider participating in the capacity market auctions, again for storage systems. We will take part in the next Fer X auction for solar and any other such opportunities,' Silva emphasises.

Why enter the storage systems market at this time? "It is a sector that is destined to grow a lot in the coming years throughout Europe because of its ability to combine with renewables. And in this, Italy proves to be a very interesting country. Here we started evaluating batteries a year and a half ago before the final legislation. Now the Macse represents the start of the market. The regulatory framework is one of the reasons why Italy is an attractive market for us, together with the prices, which remain the highest among European countries, and together with the need to increase renewable capacity. Italy represents 40% of our business and in the coming weeks we will establish our office in Rome with two people, while the registered office will remain in Milan,' says the CEO.