Javier Rodríguez Soler: “BBVA is the 4th largest bank financing data centers in the U.S.”

“We are putting a huge emphasis on corporations worldwide in all the markets in which we grow. And obviously the U.S. market is probably the market in which we are growing the most with big companies,” he added during a fireside chat with Francisco Gea, Executive Head of Exploration & Production at Repsol.

Rodríguez Soler underlined the bank’s business model, the leadership in sustainability, the cross-border expertise,  technology and the global presence of BBVA as some of the key strengths in a world that needs major investments.

He also added that there is a growing power demand in the U.S., fueled by economic and global population growth, increasing electrification, the boom in artificial intelligence and the need for data centers. This trend is fueling a new investment cycle in critical infrastructure such as power grids, renewable energy generation, batteries, and storage systems. Clean technologies are not only necessary—they are also a profitable option,” remarked Rodríguez Soler.

Growth prospects, particularly those related to technology and energy are the key factor steering our investment strategy in the United States, he added. “That’s why BBVA established a Sustainability Hub in Houston and has expanded its Corporate & Investment Banking operations in New York, in addition to its banking operations in Miami. “Our goal is for sustainability to be a growth driver,” he underlined.

The Global Head of Sustainability and CIB also underscored the significance of Houston and Texas as global hubs for the energy transition: In all the U.S. there will be investments in renewable, solar and wind energies in the next ten years, with 800 gigawatts. That means a great business opportunity,” he explained.

During his talk, Rodríguez Soler shared his thoughts on the outlook for the energy sector and pointed to certain infrastructure challenges. “In the past five years, only 2,000 miles [3,200 km] of HV lines have been built in the U.S., versus 6,000 [9,700 km] in Brazil or 22,000 [35,000 km] in China.  We estimate $700 billion needed in investments in transmission and distribution infrastructure by 2030 in the U.S. We need more capacity in power generation,” he said.

Transatlantic commitment

Rodríguez Soler pointed to BBVA’s position as a key enabler of bilateral ties between Spain and the United States and stressed the bank’s role as a financial partner and a trusted advisor, both for  Spanish companies investing in the U.S. and to U.S. players looking to expand internationally.

“The Texan economy boasts enormous economic activity. Texas is 1.6 times the economy of Spain. Moreover, most big companies in Spain are thinking of investing in Texas, Florida, New York or California,” he explained.

He also pointed to Texas’s strategic role in capturing cross-border business opportunities with Mexico: “Another factor that influences our investment strategy in the US is leveraging our leadership in other geographies, especially with Mexico, where BBVA is the largest financial institution.” BBVA has created a nearshoring unit in Houston to capture cross-border opportunities. In his opinion, Mexico has emerged as a “relative beneficiary (winner)” in the wake of the tariffs announcement, particularly those targeting China.

Rodríguez Soler concluded by reiterating BBVA’s global sustainable business goal. “Having already channeled €304 billion in sustainable business between 2018 and 2024, we recently set a new global target: €700 billion by 2029. This demonstrates our commitment to mobilizing capital at scale to accelerate the sustainable transition—both in the U.S. and globally.”

The event, organized by the Spain–U.S. Chamber of Commerce, took place as part of the launch of the first barometer on the climate and outlook for Spanish investment in the United States. It was presided over by Spain’s Minister of Economy, Trade and Enterprise, Carlos Cuerpo, with BBVA and Repsol both acting as sponsors. The event brought together business leaders, institutional representatives, and public and private sector stakeholders from both economies.

*Source: Infralogic.