Iberdrola has finalised a €100m ($103m) green loan agreement with the European Investment Bank (EIB), guaranteed by SACE under the Archimede scheme, to construct a new photovoltaic plant in Sicily, Italy.
This marks the first collaboration between the EIB and Iberdrola backed by SACE.
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The plant, expected to be operational by 2025, will bolster Italy’s renewable energy capacity and contribute to the European Union’s climate objectives.
The photovoltaic facility, spanning the provinces of Enna and Catania, will have a capacity of 242.78MWp, producing an estimated 400GWh annually.
This output is sufficient to satisfy the energy requirements of approximately 154,000 Italian households.
The EIB’s financing will cover 70% of the project cost, with SACE’s Archimede guarantee providing market conditions for up to 25 years.
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By GlobalDataEIB vice-president Gelsomina Vigliotti said: “The EIB remains a key partner for Italy in the renewable energy sector. The EIB plays a key role in attracting foreign investors to the country to promote environmental sustainability, social cohesion and economic growth.”
SACE CEO Alessandra Ricci said: “We are proud to partner with the EIB and Iberdrola for this landmark investment in the renewable energy sector in Sicily, a project that will not only increase productivity and competitiveness but also create new job opportunities.”
The plant will feature advanced technologies to maximise energy efficiency while minimising ecological disruption.
Moreover, the construction and operation of the plant are expected to generate employment opportunities, fostering economic growth in the local community.
Iberdrola also announced the completion of the final step in acquiring 100% of its subsidiary Avangrid, securing approval from the New York regulator after receiving approvals from the federal (FERC) and Maine regulators.
The acquisition was announced in May this year and approved by Avangrid shareholders in September.
Once the transaction closes, Avangrid shareholders will receive $35.75 per share, and the company’s shares will be delisted from the New York Stock Exchange.
Shareholders as of 2 December 2024, will receive the proportional quarterly dividend, payable on 2 January 2025.
