Supporting Italy’s energy transition through photovoltaic infrastructure financing
The European Investment Bank (EIB) and Societe Generale are providing a EUR 153 million financing to support the development of renewable energy capacity in Italy. The project involves the construction of a 137 MW photovoltaic plant in Sicily, helping the country advance toward its 2030 energy and climate goals.
Accounting for 12.5% of the European Union’s net greenhouse gas (GHG) emissions in 2024(1), Italy is engaged in a long‑term climate strategy. The country has achieved a nearly 35% reduction in net emissions between 2005 and 2023, outperforming the EU average of 30.5% over the same period(1).
Italy aims to achieve carbon neutrality by 2050. To this end, the country has recently updated its Integrated National Energy and Climate Plan (Piano Nazionale Integrato per l'Energia e il Clima - PNIEC), which includes measures to reduce power‑sector emissions by 58–66% by 2030, aligning with the EU’s 62% reduction target(2).
Within this framework, Italy also aims to reach 55% renewable electricity generation(3). The country has experienced strong growth in the renewable energy sector and has successfully integrated large volumes of variable renewable energy production(4). Solar power's share, in particular, reached a major milestone in 2025: according to national grid operator Terna, photovoltaic generation totalled 44.3 TWh, a 25% increase compared with 2024, setting a new record(5).
Further expanding photovoltaic capacities in the country
Against this backdrop of rapid solar expansion, Italy is adding new photovoltaic (PV) capacity through the Sand Solar project, which involves building and operating a 137 MW solar plant located across the municipalities of Monreale and Gibellina in Sicily. The project will be developed and operated by Peridot Solar, a fast-growing portfolio company of FitzWalter Capital specialising in photovoltaic plants and energy storage across Europe. Construction is scheduled to begin in April 2026, with commercial operation expected by mid‑2027.
Once operational, the plant is expected to generate approximately 256 GWh of renewable electricity per year, enough to power nearly 100,000 households.
Leveraging our expertise to drive renewable energy development
The EIB and Societe Generale have signed a EUR 153 million financing agreement to bring the Sand Solar plant to life. This investment is part of the EIB’s expanded support for renewable energy generation under the REPowerEU initiative(6) and directly contributes to Italy’s 2030 PNIEC targets.
The project has also been awarded the FER‑X Transitorio CfD subsidy from the Italian government, an incentive scheme designed to support innovative and efficient renewable energy projects. Sand Solar is among the first FER‑X projects to reach financial close.
Societe Generale played a leading role in the financing, acting asUnderwriter, Structuring Mandated Lead Arranger, Bookrunner, Green Loan Coordinator, Issuing Bank, Agent, and Hedge Provider. This transaction underscores the Bank’s strong expertise in financing energy transition projects and reflects the commitment of its specialised teams to delivering far‑reaching operations.
Read the EIB's Press Release
Accelerating the deployment of renewable energy is essential to reduce emissions, strengthen Europe’s energy security and ensure a resilient and competitive economy. 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.
We are proud to collaborate with the EIB and Societe Generale on the development of Sand Solar, a 137 MW photovoltaic plant which, supported by a solid long-term financing structure, will increase renewable energy production in Sicily. The project will significantly reduce CO₂ emissions, while further strengthening Peridot Solar’s role as a key partner in Italy’s energy transition.
This transaction demonstrates Societe Generale’s ability to execute swiftly while maintaining the highest banking and sustainability standards. We are pleased to have partnered with Peridot Solar and the EIB to finance this 137 MW greenfield photovoltaic plant, supporting the delivery of new renewable energy capacity within an ambitious timeframe. It is an excellent example of how strong sponsors and aligned financing partners can work together to meaningfully advance the energy transition.
(1)Italy's climate action strategy
(2)Pathways to net zero in Italy
(3)Integrated National Energy and Climate Plan 2030 – Policies - IEA
(4) Italy - Countries & Regions - IEA
(5) reuters.com
(6) REPowerEU is a plan launched by the European Commission in May 2022 to reduce the EU’s dependence on Russian fossil fuels and accelerate the transition to clean energy. It is designed to help the EU to save energy, diversify energy supplies, and boost renewable energy production.
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