BNZ signs PPAs for 550MW Cadiz Solar East and Cadiz Solar West plants in Spain

Bank of New Zealand (BNZ) has entered into long-term Power Purchase Agreements (PPAs) to procure renewable energy from the 300MW Cadiz Solar East and 250MW Cadiz Solar West photovoltaic plants in Spain, developed by Ignite Energy. Under the 15-year PPAs, BNZ will purchase a combined 200GWh of solar power annually to meet its operational needs and offer green energy certificates to clients. The projects, part of Ignite Energy's €1.2 billion investment in southern Spain, are expected to commence operations in late 2027 and will feature advanced energy storage systems with 100MWh battery capacity per site.

Counterparts (2)

Offtaker

Bank of New Zealand (BNZ)

company

Bank of New Zealand (BNZ) is a major commercial bank headquartered in Auckland, New Zealand, with over $78 billion in total assets. It provides comprehensive banking and financial services, including significant project finance and corporate lending for infrastructure projects across New Zealand, with a strong focus on renewable energy, transport, and utilities.

Developer

Ignite Energy

company

San Diego-based solar energy company specializing in the development, installation, and financing of residential, commercial, and utility-scale solar PV and energy storage projects primarily across California.