The European Investment Bank (EIB) and Iberdrola have finalized a €100 million green loan agreement to finance a new photovoltaic plant in Italy. This agreement is backed by SACE’s Archimede Guarantee and aims to enhance Italy’s renewable energy capacity.
Project Details
Scheduled to be operational by 2025, the new photovoltaic plant will be located in the provinces of Enna and Catania in Sicily. It will have a renewable energy generation capacity of 242.78 MWp, sufficient to meet the annual energy needs of approximately 154,000 Italian households.
Financing Structure
The EIB’s financing is 70% supported by SACE’s Archimede Guarantee, which provides market-based guarantees for financings and bonds with durations of up to 25 years. This initiative is designed to enhance the competitiveness of Italy’s national system.
Statements from Leaders
EIB Vice-President Gelsomina Vigliotti stated, “The EIB remains a key partner for Italy in the renewable energy sector, playing a crucial role in attracting foreign investors to promote environmental sustainability, social cohesion, and economic growth.”
Alessandra Ricci, CEO of SACE, commented, “We are proud to partner with EIB alongside Iberdrola for this paramount investment in Sicily’s renewable sector. This project will boost productivity and create new job opportunities. Since the start of Garanzia Archimede operations last June, we have approved over €4.9 billion in transactions to enhance Italy’s growth potential.”
Valerio Faccenda, CEO of Iberdrola Italy, added, “Thanks to this EIB loan and SACE’s support, we will continue to progress in Italy’s energy transition with this new renewable project, producing clean energy equivalent to the consumption of 154,000 homes.”
Sources
- European Investment Bank Press Release
- Iberdrola Official Website
- SACE Announcement
