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EIB, SACE fund €100M solar project in Sicily

Economy Materials 20 December 2024 13:35 (UTC +04:00)
EIB, SACE fund €100M solar project in Sicily
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, December 20. The European Investment Bank (EIB) and Iberdrola, supported by SACE’s Archimede Guarantee, have signed a 100 million euro green loan agreement for the construction of a new photovoltaic plant in Italy, Trend reports.

The project, located in the provinces of Enna and Catania in Sicily, aims to contribute to Italy's renewable energy goals and the European Union's climate targets.

Expected to become operational in 2025, the photovoltaic plant will have a generation capacity of 242.78 MWp, sufficient to power approximately 154,000 Italian households annually. The EIB’s financing is 70% supported by SACE’s Archimede Guarantee, which offers market-based guarantees for financing and bonds, aiming to enhance Italy's national competitiveness.

EIB Vice-President Gelsomina Vigliotti emphasized the bank's commitment to Italy's renewable energy sector, stating, "The EIB plays a crucial role in attracting foreign investors to promote environmental sustainability and economic growth."

SACE CEO Alessandra Ricci highlighted the project's potential to drive productivity and create new job opportunities, noting that SACE's Archimede Guarantee has approved over €4.9 billion in transactions to support Italy's growth.

Iberdrola Italy's CEO, Valerio Faccenda, noted that the loan and SACE’s backing will help advance Italy’s energy transition, providing clean energy to thousands of homes.

The project also aims to boost the local economy, with the construction and management of the plant creating employment opportunities. It is expected to serve as a model for future renewable energy investments in the region.

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