European Investment Bank (EIB) and Societe Generale have signed a €153 million financing agreement to support the construction and operation of the 137MW Sand Solar project in Sicily.
The EIB will provide up to €70 million under the REPowerEU plan, while Societe Generale will provide up to €83.34 million.
The project will be developed and operated by Peridot Solar, a FitzWalter Capital portfolio company specialising in photovoltaic plants and energy storage systems across Europe.
The solar farm will also feature a 5km underground 30kV connection line to a new 220kV substation currently under development.
Construction is scheduled to start this month, with commercial operation expected by mid-2027.
EIB Vice-President Gelsomina Vigliotti said: “With this new investment in Sicily, the EIB is supporting Italy’s green transition while contributing to regional development and to the European Union’s REPowerEU objectives.
“Sand Solar demonstrates how the EIB’s stable, long-term financing can accelerate high-impact clean energy projects and attract private investment.”
Enrico Chiapparoli, Country Head in Italy for Societe Generale said: “The project will significantly reduce CO₂ emissions, while further strengthening Peridot Solar’s role as a key partner in Italy’s energy transition.”
Dentons advised the EIB and Societe Generale on the deal, while BonelliErede acted as legal advisor to EIB.
ADVANT Nctm served as legal advisor to Peridot, while EOS Consulting was the technical advisor.
KPMG was the financial model auditor.