This €100 million green loan, offered by the European Investment Bank (EIB) to Iberdrola, has received backing from SACE’s Archimede guarantee, and it will be used to construct an advanced photovoltaic (PV) plant in Sicily. Such ambitious projects underpin Iberdrola’s commitment to renewable energy, which, in turn, supports the achievement of Italy’s renewable energy objectives and the climate action goals of the European Union.
Strategically located in the provinces of Enna and Catania, the PV plant has been designed to have a capacity of 242.78 MWp. The electricity produced by this facility, once operational by 2025, is projected to be 400 GWh per annum, enough to meet the energy needs of approximately 154,000 Italian households. This is a major step toward reducing carbon emissions and enhancing the country’s clean energy infrastructure, all in line with the EU’s drive to transition toward a greener, more sustainable future.
The Vice-President of the EIB, Gelsomina Vigliotti, pointed out the importance of the project at the broader level: “The EIB plays a key role in attracting foreign investors to Italy, promoting environmental sustainability, social cohesion, and economic growth.” Its engagement marks an important part of its strategic role in bringing projects that fit the green transition agenda of the EU, making it a fundamental partner in the shift to renewable energy.
One of the defining aspects of this project is the dual focus on advanced technology and local economic development. The PV plant will implement state-of-the-art technology in a bid to optimize energy efficiency and minimize the adverse effects on the environment. This will ensure that the project contributes to renewable energy generation while also meeting rigorous environmental standards, thus acting as a benchmark for sustainable development.
The initiative is also expected to act as an engine for economic growth in the region. The project will provide much-needed local employment during the construction and operational phases, boosting Sicily’s economy. The part which received much praise has been voiced by Alessandra Ricci, CEO of SACE, who expressed that this investment will increase productivity and competitiveness and add new job opportunities. Beyond direct employment, the investment is supposed to stimulate auxiliary industries as well as develop regional activity.
An equally notable characteristic of this project is that it strengthens the partnerships of key stakeholders. Indeed, this is the EIB’s first operation with Iberdrola under the SACE Archimede guarantee, creating a precedent for future cooperations. Such partnerships are particularly vital for pushing forward the growth of renewable energy faster by combining financial expertise, technological innovation, and policy support to deliver impactful results.
This also puts a high light on how corporate strategies need to align with national and international climate goals. Italy has been striving to reduce its fossil fuel dependency and increase the capacity of renewable energy; Iberdrola PV is one such large contribution toward that. It will serve as a model for similar undertakings in other territories and help to show other renewable energy projects the vast environmental and economic benefits in such schemes.
The deal involved EIB, world’s biggest financier of the climate action projects, highlights the strategic importance of an Iberdrola plant in Sicily. The green loan represents the EIB’s commitment to supporting investments that not only address climate change but also contribute to regional development. This project serves as an example of how sustainable energy initiatives can become a platform for promoting social cohesion and economic development and, thus, strengthening the EU’s role in global leadership in climate action.
Once the construction work starts, this Iberdrola PV plant will be the future of renewable energy for Sicily. With sustainability, innovation, and regional development at its core, this project is a living testament to the transformative potential of green energy investments. By 2025, when the plant is operational, it will be ready to shape the energy landscape of Italy for generations to come and support thousands of households with clean energy, thereby becoming a benchmark for future European clean energy projects.