The European Investment Bank (EIB) and Iberdrola have entered into a €100 million (~$104.30 million ) green loan agreement to support the construction of a photovoltaic plant in Sicily, Italy. The project is backed by SACE’s Archimede guarantee, which will cover 70% of the financing. This is the first collaboration between EIB and Iberdrola supported by SACE. The plant, located in the provinces of Enna and Catania, will have a capacity of 242.78 MW and is expected to produce 400 GWh of renewable energy annually, sufficient to meet the electricity needs of approximately 154,000 households. The facility is planned to become operational by 2025 and aims to contribute to Italy’s renewable energy development and the European Union’s climate objectives. SACE’s Archimede guarantee is designed to support projects with competitive market conditions and financing terms of up to 25 years.
EIB, Iberdrola, and SACE partner for Sicilian solar plant
Located in Enna and Catani a, the 242.78 MW solar plant was designed to produce 400 GWh annually, meeting the needs of 154,000 households. (Inage Source: Iberdola)
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Part of SECI’s 2 GW ISTS initiative, the project will deliver four hours of peak power daily for 25 years. (Image Credit/Source: Pixabay/Pexels)