The European Investment Bank (EIB) and Iberdrola, with backing from SACE’s Archimede guarantee, have signed a €100 million ($104 million) green loan agreement to finance the construction of a new photovoltaic plant in Sicily. This significant investment supports Italy’s renewable energy goals and aligns with the European Union’s climate objectives.
The photovoltaic plant, located across the provinces of Enna and Catania, is slated for completion by 2025. With a renewable energy generation capacity of 242.78 MWp, the plant will produce enough electricity to power approximately 154,000 households annually. The EIB’s financing is 70% secured by SACE’s Archimede guarantee, an instrument designed to enhance Italy’s competitiveness by providing long-term guarantees for financing and bonds.
EIB Vice-President Gelsomina Vigliotti said, “The EIB is a key partner for Italy in the renewable energy sector. This operation will attract foreign investment while promoting environmental sustainability, social cohesion, and economic growth.”
SACE CEO Alessandra Ricci said, “This landmark investment in Sicily’s renewable energy sector boosts productivity, creates employment opportunities, and reinforces Italy’s growth potential. Since launching the Archimede guarantee in June, we’ve approved over €4.9 billion in operations to drive sustainable development.”
Valerio Faccenda, CEO of Iberdrola Italia added, “With the EIB loan and SACE’s support, this project will deliver clean energy to 154,000 households and strengthen Italy’s renewable energy capacity.”
The project represents a model for sustainable development, incorporating cutting-edge technology to maximise energy efficiency while minimising environmental impact. It is also expected to generate jobs and economic benefits for local communities during construction and operation.
