The European Investment Bank (EIB) and Societe Generale have signed a €153 million financing agreement to support the construction and operation of the Sand Solar project, a 137 MW photovoltaic plant in the municipalities of Monreale and Gibellina in Sicily.
The investment is part of ramped up EIB support for renewable energy generation under the REPowerEU initiative and contributes directly to Italy’s integrated national energy and climate plan (PNIEC) for 2030.
The EIB will provide up to €70 million under the REPowerEU plan and Societe Generale will provide up to €83.34 million.
“Once operational, the plant is expected to generate around 256 GWh of renewable electricity per year – enough to power nearly 100,000 households while avoiding some 85,000 tonnes of CO₂ emissions annually, compared with fossil fuel-based power generation,” said the EIB.
“The project will also support economic and social cohesion, as Sicily is one of Italy’s cohesion regions where investment in green infrastructure remains a priority. It will include biodiversity protection zones, ecological corridors and landscape integration measures, agreed with local authorities.
“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. FWC Solar (HOLDCO) Italy II s.r.l., the project company controlled by Peridot, is the beneficiary of the €70 million EIB loan supporting the investment.
“The plant will be built under a fully permitted, construction-ready project and will include a 5 km underground 30 kV connection line to a new 30/220 kV substation, currently under development. Construction is scheduled to start in April 2026, with commercial operation expected by mid-2027.”
EIB Vice-President Gelsomina Vigliotti said: “Accelerating the production 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.”
Enrico Chiapparoli, Country Head in Italy for Societe Generale, said: “This transaction underscores Societe Generale’s ability to execute its mandates swiftly while maintaining the highest banking and sustainability standards.
“We are pleased to have worked with Peridot Solar and the EIB to finance this 137 MW greenfield photovoltaic plant, supporting the delivery of new renewable capacity within an ambitious timeframe.
“It is an excellent example of how strong sponsors and aligned financial partners can work together to make tangible progress in the energy transition.”