Santiago Muguruza (BBVA) at the Energy Tech Summit: “Public-private partnerships are key to closing the innovation gap in Europe”

The global head of BBVA’s specialized area for entrepreneurs and innovative companies highlighted "the importance of supporting the most innovative 'cleantech,' especially projects developing pioneering technologies known as First of a Kind (FOAK)." These first-generation solutions have not yet been implemented on a large scale, so they face greater financial risks. "For this reason, they require adapted financing structures and specific collaboration models that help them overcome initial barriers and scale up successfully," Muguruza explained.  In his view, it is crucial to facilitate their access to capital and provide support through the most challenging stages of their development.

On April 9 and 10, the Energy Tech Summit took place at the Euskalduna Conference Center in Bilbao, where BBVA hosted several parallel events in collaboration with Contrarian Ventures, including 'Growth Meets Capital.' "At this meeting we have brought together advanced-stage climate technology companies (Series A+) with the world's leading growth investors—more than 50—in this type of technology,' said Santiago Muguruza.  He added, 'Especially in the last six years, BBVA has been working intensively on the energy transition to support this collective effort, emphasizing the importance of assisting entrepreneurs and  investors committed to driving decarbonization through personalized support and financing."

Other events included Growth Meets Industry, which gathered innovative companies with global corporations at the forefront of decarbonization, and Growth Meets Infrastructure, a session that explored the future trends and challenges related to data center infrastructure.  Additionally, the bank participated on the jury of Energy Tech Challengers, helping to identify and recognize the most innovative proposals in the energy technology sector.

Throughout the various sessions, experts agreed that innovative solutions require appropriate financing instruments and effective risk mitigation mechanisms, such as those provided by the European Investment Bank (EIB). The International Energy Agency estimates that the global market for cleantech could reach $575 trillion by 2035, nearly tripling its value compared to 2023.

The future of decarbonization through cleantech

Key takeaways from the Energy Tech Summit put the spotlight on the technologies set to lead the energy transition and support decarbonization. According to experts, these include green hydrogen for industry and transport, and artificial intelligence to improve energy efficiency in grids and homes. Electric mobility and energy storage will also be key.  The summit also emphasized the need for more flexible regulatory frameworks in Europe to help accelerate the deployment of clean technologies.

The Energy Tech Summit brought together over 1,500 cleantech experts from more than 40 countries, with BBVA serving as the event’s main sponsor.

First project finance loan for a renewable hydrogen plant on the Iberian Peninsula

BBVA has announced the signing of a project finance loan with Basque Hydrogen, a joint venture formed by Petronor, Enagás Renovables, and the Basque Energy Agency, to support the development of an electrolytic hydrogen plant for the production of synthetic fuels (e-fuels) at the Port of Bilbao. This is the first project finance deal for a renewable hydrogen plant on the Iberian Peninsula.

The project, currently under construction, is expected to be launched in the first half of 2026, following the completion of the power line that will supply the plant.  Equipment deliveries to Bilbao and related assembly work are set to begin before the summer.