Iberdrola has completed a €100m ($103m) green loan agreement with the European Investment Bank (EIB), guaranteed by SACE under the Archimede scheme, to build a new photovoltaic plant in Sicily, Italy.
This is the first collaboration between the EIB and Iberdrola with the support of SACE.
The plant, which is expected to be operational by 2025, will strengthen Italy's renewable energy capacity and contribute to the European Union's climate objectives.
The photovoltaic facility, which spans the provinces of Enna and Catania, will have a capacity of 242.78MWp, producing an estimated 400GWh annually.
This output is enough to meet the energy requirements of around 154,000 Italian homes.
EIB funding will cover 70% of the project cost, with the Archimede SACE guarantee providing market conditions for up to 25 years.
EIB 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 sustainability environment, 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 creates new job opportunities.
“To this end, since the launch of the Archimede guarantee last June, we have approved more than 4.9 billion in operations to boost Italy's growth potential.”
The work will include advanced technologies to maximize energy efficiency while minimizing ecological disturbance.
Furthermore, the construction and operation of the factory is expected to create employment opportunities, fostering economic growth in the local community.
Iberdrola also announced the completion of the final step in the acquisition of 100% of its subsidiary Avangrid, securing approval from the New York regulator after receiving approval from the federal (FERC) and Maine regulators.
The acquisition was published in May this year and was 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 from 2 December 2024 will receive the proportionate quarterly dividend, payable on 2 January 2025.
“Iberdrola secures $103m green loan for new PV plant in Italy” was originally created and published by Power Technologybrand owned by GlobalData.