BBVA and Técnicas Reunidas Forge Alliance to Accelerate Decarbonization and Energy Transition Initiatives

BBVA and Técnicas Reunidas Forge Alliance to Accelerate Decarbonization and Energy Transition Initiatives

(IN BRIEF) BBVA and Técnicas Reunidas have signed an MoU to foster collaboration in advancing decarbonization and energy transition initiatives. The agreement focuses on enhancing the business of Track, Técnicas Reunidas’ new division specializing in low-carbon technology projects, particularly in Spain, Europe, and the United States. Track’s portfolio includes services ranging from optimizing technological project definitions to managing emissions in hard-to-decarbonize industries and co-developing projects related to green and blue ammonia. With nearly two million engineering hours already dedicated to low-carbon projects, Técnicas Reunidas is well-positioned in this sector. The MoU will see BBVA and Track collaborate on business planning, growth opportunities, financing strategies, and sustainability advisory. This partnership reflects BBVA’s broader commitment to sustainability, as evidenced by its ambitious target of a €700 billion sustainable business pipeline for 2025–2029, supported by a global cleantech unit.

(PRESS RELEASE) BILBAO, 4-Apr-2025 — /EuropaWire/ — BBVA and Técnicas Reunidas have formalized a strategic Memorandum of Understanding (MoU) aimed at driving the energy transition and accelerating the decarbonization of the economy. This agreement lays the groundwork for a robust collaboration focused on expanding the business of Track, the newly established division of Técnicas Reunidas dedicated to decarbonization and energy transition projects.

Track, which operates globally with a strong emphasis on Spain, Europe, and the United States, is in the process of building a comprehensive suite of services centered on low-carbon technologies. Its offerings span from defining technological project parameters that maximize client investments to managing carbon emissions in industries that are difficult to decarbonize. The division is also actively involved in co-developing projects, including significant initiatives in Spain and the United States related to the production of green and blue ammonia.

Técnicas Reunidas has already logged nearly two million engineering hours on projects that incorporate low-carbon solutions such as hydrogen and its derivatives, biofuels, synthetic fuels, and carbon capture. Through this new MoU, BBVA and Track will work together to review business plans, pinpoint growth opportunities, secure financing aligned with Track’s strategic direction, and provide tailored financial structuring and sustainability advisory services for specific decarbonization initiatives.

This partnership reinforces BBVA’s commitment to supporting its customers and society in transitioning toward a more sustainable and innovative production model. It also aligns with BBVA’s broader strategy to establish itself as a leading financial institution in sustainability by offering solutions that address the challenges posed by the low-carbon economy.

Javier Rodríguez Soler, Head of Sustainability and Corporate & Investment Banking at BBVA, commented, “Sustainability is a key lever for economic transformation and a strategic priority for BBVA. This alliance with Técnicas Reunidas enables us to advance the financing of tailored solutions to decarbonize complex industrial sectors, thereby contributing to the fight against climate change and fostering sustainable growth.”

Eduardo San Miguel, CEO of Técnicas Reunidas, added, “This agreement marks a significant milestone for our company as we reinforce our commitment to decarbonization. With the proven success of Track, we are poised to capitalize on the enduring opportunities in the low-carbon sector and expand our presence further, driving meaningful results in the industry.”

The scale of investment required to achieve net-zero emissions by 2050 is projected to be close to $275 trillion—approximately 8% of global GDP annually until 2050. Recognizing the immense potential of decarbonization and clean technologies, BBVA has set a new sustainable business pipeline target of €700 billion for the 2025–2029 period. This target, which significantly exceeds the previous goal of €300 billion for the 2018–2025 period (achieved a year ahead of schedule in December 2024), underscores BBVA’s intensified focus on these critical areas. To support these initiatives, BBVA has also established a global cleantech innovation unit with teams in Houston, New York, London, and Madrid dedicated to lending and advisory services.

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SOURCE: BBVA