Spanish engineering group Técnicas Reunidas and banking group BBVA have entered into a strategic agreement aimed at advancing decarbonisation initiatives and energy transition projects through Track, a dedicated business unit of Técnicas Reunidas.
The agreement outlines a framework for collaboration between the two entities, including the review of business plans, identification of investment opportunities, project financing, and advisory services related to the sustainability of Track’s projects. Track, which operates globally with a focus on Spain, Europe, and the United States, specialises in low-carbon technology services such as green and blue ammonia production and carbon emissions management for hard-to-abate sectors.
Javier Rodríguez Soler, Head of Sustainability and Corporate & Investment Banking at BBVA, stated: “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 decarbonise complex industrial sectors and thus contribute to the fight against climate change and the promotion of more sustainable growth.”
Track’s services cover the full spectrum of decarbonisation support—from technical project definition to co-development of industrial ventures. Técnicas Reunidas reports having dedicated nearly two million engineering hours to low-carbon projects involving hydrogen, biofuels, synthetic fuels, and carbon capture.
Eduardo San Miguel, CEO of Técnicas Reunidas, noted: “This is an important step for Técnicas Reunidas, as we want to double down our commitment to decarbonisation. 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.”
The partnership aligns with BBVA’s broader strategy to position itself as a leading financier in the low-carbon transition. The bank recently raised its sustainable business pipeline target to €700 billion for the period 2025–2029—more than double its previous target of €300 billion for 2018–2025, which it met ahead of schedule in December 2024.
Achieving global net zero emissions by 2050 is estimated to require investments of nearly $275 trillion—approximately 8% of global GDP annually. In response, BBVA has established a dedicated clean technology innovation unit with teams in Houston, New York, London and Madrid, focusing on lending and advisory services in cleantech and decarbonisation.
