EIB, Société Générale secure $177m for Sand Solar Project in Sicily

The European Investment Bank (EIB) and Société Générale person finalised a €153m ($176.9m) financing woody for the Sand Solar Project, a 137MW-photovoltaic (PV) works successful Monreale and Gibellina, Sicily.

This concern enhances EIB's renewable vigor efforts nether the REPowerEU inaugural and supports Italy's nationalist vigor and clime program for 2030.

The EIB volition lend up to €70m, portion Société Générale volition supply up to €83.34m.

Once operational, the works is expected to make astir 256GW-hours (GWh) of renewable energy each year, capable to powerfulness astir 100,000 households.

This output volition besides trim CO₂ emissions by astir 85,000 tonnes per annum (tpa) compared with fossil substance generation.

Construction is scheduled to statesman successful April 2026, with operations expected to commencement by mid-2027.

EIB vice-president Gelsomina Vigliotti said: “Accelerating the accumulation of renewable vigor is indispensable to trim emissions, fortify Europe’s vigor information and guarantee a resilient and competitory economy.

“With this caller concern successful Sicily, the EIB is supporting Italy’s greenish modulation portion contributing to determination improvement and to the European Union’s REPowerEU objectives.

“Sand Solar demonstrates however the EIB’s stable, semipermanent financing tin accelerate high-impact cleanable vigor projects and pull backstage investment.”

Operated by Peridot Solar, a FitzWalter Capital institution with a absorption connected PV projects and vigor retention successful Europe, the Sand Solar Project aims to foster economical improvement and societal cohesion successful Sicily.

FWC Solar (HOLDCO) Italy II, an entity led by Peridot, volition person the EIB's indebtedness to facilitate this investment.

The works is acceptable to beryllium constructed arsenic portion of a task that is afloat permitted and acceptable for development, featuring a 5km underground 30kV enactment to a caller 30/220kV substation presently successful progress.

Peridot Solar CEO Javier Rubio said: “We are arrogant to collaborate with the EIB and Société Générale connected the improvement of Sand Solar, a 137MW photovoltaic works which, supported by a coagulated semipermanent financing structure, volition summation renewable vigor accumulation successful Sicily.

“The task volition importantly trim CO₂ emissions, portion further strengthening Peridot Solar’s relation arsenic a cardinal spouse successful Italy’s vigor transition.”

Advisors for the transaction see Dentons arsenic the ineligible advisor to Société Générale and the EIB, BonelliErede for the EIB and ADVANT Nctm for Peridot.

EOS Consulting is serving arsenic the method advisor and Marsh arsenic the security advisor, with KPMG auditing the fiscal model.