The European Investment Bank (EIB) and Iberdrola, supported by SACE’s Archimede guarantee, have finalized a €100 million green loan agreement to develop a photovoltaic (PV) plant in Sicily. This marks a significant milestone in advancing renewable energy production in Italy, contributing to the European Union’s climate goals. It is also the first collaboration between the EIB and Iberdrola under SACE’s coverage.
Key Project Details
The PV plant, located in the provinces of Enna and Catania, is scheduled to be operational by 2025. With a capacity of 242.78 MWp, it will generate renewable energy sufficient to power approximately 154,000 households annually. SACE will cover 70% of the financing through its Archimede guarantee, a financial instrument designed to enhance the competitiveness of Italy’s renewable energy sector with financing durations of up to 25 years.
Statements from Project Partners
- Gelsomina Vigliotti, EIB Vice-President:
“The EIB remains a key partner for Italy’s renewable energy sector. This project underscores our role in attracting international investment to foster sustainability, social cohesion, and economic growth.” - Alessandra Ricci, CEO of SACE:
“This initiative showcases our commitment to boosting productivity and employment while driving Italy’s energy transition. Since launching the Archimede guarantee, we have supported over €4.9 billion in operations to promote national growth.” - Valerio Faccenda, CEO of Iberdrola Italia:
“This loan and SACE’s support enable us to further Italy’s energy transition with a project delivering clean energy to thousands of households.”
Innovation and Environmental Impact
The PV plant will employ advanced technologies, ensuring high energy efficiency and minimal environmental impact. Its construction and operation are expected to create employment opportunities, contributing to Sicily’s economic development.
EIB’s Role in Climate and Sustainability Goals
The EIB has been pivotal in supporting Italy’s renewable energy projects, with €58 billion invested over the past five years. Aligned with the Paris Agreement, the EIB does not fund fossil fuel projects and is committed to mobilizing €1 trillion for climate action and sustainability by 2030 under its Climate Bank Roadmap.
SACE’s Contribution to Italy’s Green Economy
As a financial group under Italy’s Ministry of Economy and Finance, SACE has been instrumental in fostering the competitiveness of Italian businesses domestically and globally. Through its Green New Deal framework, SACE has insured and guaranteed operations worth €260 billion, supporting approximately 50,000 companies.
Iberdrola’s Sustainability Commitment
Iberdrola continues to lead in clean energy innovation and electrification to combat climate change. As of Q3 2024, the company had secured over €57 billion in green and sustainability-linked financing, including €27 billion in green bonds.
This collaborative project exemplifies sustainable development through renewable energy investment and reinforces the commitment of EIB, SACE, and Iberdrola to fostering economic and environmental progress.
