EIB, Iberdrola partner for €100m Sicilian photovoltaic plant

The European Investment Bank (EIB) and Iberdrola, backed by SACE’s Archimede Guarantee, have signed a €100 million green loan to construct a 242.78 MWp photovoltaic plant in Sicily, operational by 2025, EIB reported on Sunday.

The plant, located in Enna and Catania, will generate renewable energy for 154,000 households annually, advancing Italy’s energy transition and EU climate goals.

The EIB’s financing is 70 per cent guaranteed by SACE, marking its first operation with Iberdrola. The project will boost local employment and economic growth while utilising advanced technologies for high efficiency and minimal environmental impact.

EIB Vice-President Gelsomina Vigliotti highlighted the bank’s role in attracting foreign investment to Italy’s renewable sector. SACE CEO Alessandra Ricci praised the collaboration for enhancing Italy’s productivity and competitiveness.

Valerio Faccenda, CEO of Iberdrola Italy, emphasised the project’s contribution to Italy’s energy transition.

This initiative sets the stage for further collaboration between EIB, SACE, and Iberdrola to replicate similar sustainable projects in the future.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama