EIB And Societe Generale Provide €153M Financing For 137 MW Sand Solar Project In Sicily To Support Italy’s 2030 Green Goals

The European Investment Bank and Societe Generale have signed a €153 million financing agreement to support the construction and operation of the Sand Solar project, a 137 MW photovoltaic plant located in the municipalities of Monreale and Gibellina in Sicily. This investment is part of the EIB’s increased support for renewable energy projects under the REPowerEU initiative and contributes directly to Italy’s integrated national energy and climate plan (PNIEC) for 2030.

Once operational, the Sand Solar plant is expected to generate approximately 256 GWh of renewable electricity annually—enough to supply nearly 100,000 households—and prevent about 85,000 tonnes of CO₂ emissions each year compared with conventional fossil fuel generation. The project also aims to support economic and social cohesion in Sicily, one of Italy’s cohesion regions where investment in green infrastructure remains a priority. Environmental measures have been incorporated into the project design, including biodiversity protection zones, ecological corridors, and landscape integration, in collaboration with local authorities.

The project will be developed and operated by Peridot Solar, a FitzWalter Capital portfolio company specializing in photovoltaic plants and energy storage systems across Europe. The project company, FWC Solar (HOLDCO) Italy II s.r.l., controlled by Peridot, is the beneficiary of a €70 million loan from the EIB supporting the investment. Sand Solar is a fully permitted, construction-ready project and includes a 5 km underground 30 kV connection line to a new 30/220 kV substation, which is currently under development. Construction is scheduled to begin in April 2026, with commercial operations expected by mid-2027.

EIB Vice-President Gelsomina Vigliotti highlighted that accelerating renewable energy production is critical to reduce emissions, strengthen Europe’s energy security, and ensure a resilient and competitive economy. She emphasized that Sand Solar demonstrates how stable, long-term financing from the EIB can accelerate high-impact clean energy projects and attract private investment while supporting Italy’s green transition and regional development.

Enrico Chiapparoli, Country Head for Italy at Societe Generale, noted that the transaction showcases the bank’s ability to execute mandates efficiently while maintaining high banking and sustainability standards. He stated that working with Peridot Solar and the EIB on this 137 MW greenfield photovoltaic plant demonstrates how well-aligned financial partners can deliver tangible progress in the energy transition within an ambitious timeframe.

Javier Rubio, CEO of Peridot Solar, expressed pride in collaborating with the EIB and Societe Generale to develop the project. He highlighted that Sand Solar will increase renewable energy production in Sicily, significantly reduce CO₂ emissions, and strengthen Peridot Solar’s position as a key partner in Italy’s energy transition.

The project’s transaction advisors include the global law firm Dentons (legal advisor to Societe Generale and the EIB), BonelliErede (legal advisor to the EIB), ADVANT Nctm (legal advisor to Peridot), EOS Consulting (technical advisor), Marsh (insurance advisor), KPMG (financial model auditor), Arcus Financial Advisors (financial advisor to Peridot), and Trotter Studio Associato (tax and accounting advisor to Peridot).