BBVA and Técnicas Reunidas team up to promote industrial decarbonization

BBVA and Técnicas Reunidas have signed a Memorandum of Understanding (MoU) with the aim of promoting the development of initiatives and projects linked to the energy transition and the decarbonization of the economy.

The agreement establishes a collaboration framework both entities to strengthen the business of track, the new business unit of Técnicas Reunidas specialized in decarbonization and energy transition services and projects.

track operates worldwide with a special focus on Spain, Europe and the United States, and is building a complete range of services associated with low carbon technologies. 

Its portfolio of services ranges from the technological definition of projects that optimize its clients’ investments, to the management of carbon emissions from hard-to-abate industries and the co-development of projects, where it is currently involved in important opportunities in Spain and the United States related to the production of green ammonia and blue ammonia.  

As a whole, Técnicas Reunidas has already provided services involving almost two million engineering hours for low carbon technologies such as hydrogen and its derivatives, biofuels and synthetic fuels, and carbon capture. 

Under this agreement, BBVA and track may collaborate in the review of track’s business plans, in the identification of specific growth opportunities, in the search for financing to meet track‘s strategy, in the search for solutions for specific opportunities in decarbonization projects, financial structuring or advice in the field of sustainability of the projects in which track participates, among others.

This agreement reinforces BBVA’s commitment to accompany its customers and society in the transition to a more sustainable and innovative production model. The collaboration with Técnicas Reunidas is part of BBVA’s strategy to consolidate its position as a financial institution of reference in sustainability, providing its customers with solutions adapted to the challenges of the low-carbon economy.

Javier Rodríguez Soler, Head of Sustainability and CIB at BBVA, said: “Sustainability is a key lever for economic transformation and a strategic priority for BBVA. This alliance with Técnicas Reunidas allows us to advance in the financing of specific solutions to decarbonize complex industrial sectors and thus contribute to the fight against climate change and the promotion of more sustainable growth”.

Eduardo San Miguel, CEO of Técnicas Reunidas, said: “This is an important step for Técnicas Reunidas, as we want to double down our commitment to decarbonization. We have no doubts about the opportunity that this industrial wave, which has come to stay, represents for our company. We want to take advantage of the experience we already have with track and consolidate and increase our presence in this sector, where we are already achieving important results”.

Achieving net zero emissions by 2050 requires an investment of close to $275 trillion, which is almost 8% of global GDP, year after year between now and 2050.

In this context, BBVA has identified decarbonization and clean technologies as two of the priority areas for investment. To this end, it has created a global unit specialized in business innovation in cleantech . The team, located in Houston, New York, London and Madrid, offers lending and advisory services.

BBVA has set a sustainable business pipeline target of €700 billion from 2025 to 2029. It more than doubles the previous target of €300 billion for the 2018-2025 period, which it reached in December 2024, one year ahead of schedule. This new, more ambitious target is also set for a shorter period (five years versus eight).