The European Investment Bank (EIB) has finalized a €100 million green loan agreement with Iberdrola to finance the development of a large photovoltaic plant in Sicily, Italy. Scheduled for operation in 2025, the facility will be located in the provinces of Enna and Catania, and will generate 242.78 MWp of renewable energy—sufficient to power approximately 154,000 households annually.
Financial Support and Strategic Goals
The loan is notably backed by SACE’s Archimede Guarantee, covering 70% of the financing. SACE, an Italian insurance and finance group under the Ministry of Economy and Finance, is instrumental in enhancing Italy’s competitiveness through various financial tools. This partnership marks the EIB’s first operation with Iberdrola supported by SACE.
Aligning with EU’s REPowerEU Initiative
The investment in the Sicilian solar plant aligns with the EU’s REPowerEU initiative, which aims to reduce dependence on Russian fossil fuels by fostering energy diversification and increasing clean energy production across Europe. The EIB’s financing will directly contribute to these goals by boosting renewable energy output in Italy.
EIB’s Commitment to Climate Action
The EIB has long been committed to financing projects that combat climate change, with over half of its annual funding supporting efforts to mitigate and adapt to environmental challenges. The solar farm project in Sicily is a key part of these efforts, reinforcing Europe’s transition to a more sustainable and resilient energy future.
