Iberdrola has secured a €100m ($103m) green loan from the European Investment Bank (EIB), backed by SACE under the Archimede scheme, to construct a 242.78MWp photovoltaic (PV) plant in Sicily, Italy. The project will span the provinces of Enna and Catania and is set to become operational by 2025.

Expected to produce approximately 400GWh annually, the plant will supply enough energy to power around 154,000 Italian households. This initiative supports Italy's renewable energy goals and the European Union's climate targets.

The EIB will finance 70% of the project costs, with SACE's guarantee extending market conditions for up to 25 years. EIB Vice-President Gelsomina Vigliotti highlighted the bank's pivotal role in advancing Italy's sustainability goals. Similarly, SACE CEO Alessandra Ricci emphasized the project's economic and job-creation benefits for the local community.

The plant will incorporate advanced technologies to optimize efficiency and reduce ecological impacts. The project also aligns with Iberdrola's commitment to renewable energy, as the company recently finalized the acquisition of Avangrid, consolidating its position in the renewable sector.