EIB and Société Générale provide 153 million euros in funding for solar power in Sicily

Brussels – The European Investment Bank (EIB) and Société Générale have signed a 153 million euro financing agreement to support the construction and operation of a 137 MW solar power plant in Sicily, in the municipalities of Monreale and Gibellina. The investment is part of the EIB’s ramped-up support for renewable energy generation under the REPowerEU initiative, the EU’s plan for energy independence, and contributes directly to Italy’s integrated national energy and climate plan (PNIEC) for 2030. 

For the project, known as Sand Solar, the EIB will provide up to 70 million euros under the REPowerEU plan, while Société Générale 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, and to avoid around 85,000 tonnes of CO2 emissions per year compared to fossil fuel-based generation.

“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,” said EIB Vice-President Gelsomina Vigliotti.