The European Investment Bank (EIB) and Iberdrola have signed a €100m green loan agreement to fund a new photovoltaic plant in Sicily, Italy.
Set to be operational in 2025, the plant will be located in the provinces of Enna and Catania. It will have a renewable energy generation capacity of 242.78 MWp, sufficient to meet the annual energy needs of around 154,000 households in Italy.
The financing is 70% backed by SACE’s Archimede Guarantee, which offers market-based guarantees for financings and bonds of up to 25 years, aimed at boosting national competitiveness.
EIB Vice-President Gelsomina Vigliotti stated: “The EIB remains a key partner for Italy in the renewable energy sector. The EIB plays a crucial role in attracting foreign investors to the country with the aim of promoting environmental sustainability, social cohesion and economic growth.”
SACE CEO Alessandra Ricci commented: “We are proud to partner with EIB alongside Iberdrola for this paramount investment in Sicily in the renewable sector, a project that will boost productivity, and competitiveness and will create new job opportunities.
“With this aim, since the start of Garanzia Archimede operations last June we have approved over €4.9bn transactions to enhance Italy’s growth potential.”
Valerio Faccenda, CEO of Iberdrola Italy, added: “Thanks to this EIB loan and SACE’s support at Iberdrola, we will continue to make progress in Italy’s energy transition, with this new renewable project that will allow us to produce clean energy equivalent to the consumption of 154,000 homes.”
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