BAKU, Azerbaijan, April 9. The European Investment Bank (EIB) 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 in Sicily, Trend reports.
The project, located in the municipalities of Monreale and Gibellina, forms part of the EIB’s expanded support for renewable energy under the REPowerEU initiative and contributes to Italy’s 2030 National Energy and Climate Plan (PNIEC).
Once operational, the plant is expected to generate around 256 GWh of electricity annually, supplying nearly 100,000 households and reducing carbon emissions by approximately 85,000 tonnes per year compared to fossil fuel-based generation. The project will also contribute to regional development in Sicily, one of Italy’s cohesion regions, and will incorporate biodiversity protection zones, ecological corridors and landscape integration measures agreed with local authorities.
The project will be developed and operated by Peridot Solar, a portfolio company of FitzWalter Capital focused on photovoltaic and energy storage projects across Europe. The project company, FWC Solar (HOLDCO) Italy II s.r.l., will receive a €70 million loan from the EIB as part of the financing package.
Construction is scheduled to begin in April 2026, with commercial operations expected by mid-2027. The project includes a 5 km underground 30 kV connection line linked to a new 30/220 kV substation currently under development.
Advisors to the transaction include Dentons, BonelliErede, ADVANT Nctm, EOS Consulting, Marsh, KPMG, Arcus Financial Advisors and Trotter Studio Associato.