The European Investment Bank (EIB) and Société Générale have finalised a €153m ($176.9m) financing deal for the Sand Solar Project, a 137 MW photovoltaic (PV) plant in Monreale and Gibellina, Sicily.
This investment enhances EIB’s renewable energy efforts under the REPowerEU initiative and supports Italy’s national energy and climate plan for 2030.
The EIB will contribute up to €70m, while Société Générale will provide up to €83.34m.
Once operational, the plant is expected to generate around 256GW-hours (GWh) of renewable electricity each year, enough to power nearly 100,000 households.
This output will also reduce CO2 emissions by roughly 85,000 tonnes per annum (tpa) compared with fossil fuel generation.
Construction is scheduled to begin in April 2026, with operations expected to start by mid-2027.
EIB vice-president Gelsomina Vigliotti said: “Accelerating the production of renewable energy is essential to reduce emissions, strengthen Europe’s energy security and ensure a resilient and competitive economy.
“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.
“Sand Solar demonstrates how the EIB’s stable, long-term financing can accelerate high-impact clean energy projects and attract private investment.”
Operated by Peridot Solar, a FitzWalter Capital company with a focus on PV projects and energy storage in Europe, the Sand Solar Project aims to foster economic development and social cohesion in Sicily.
FWC Solar (HOLDCO) Italy II, an entity led by Peridot, will receive the EIB’s loan to facilitate this investment.
The plant is set to be constructed as part of a project that is fully permitted and ready for development, featuring a 5 km underground 30 kV line to a new 30/220 kV substation currently in progress.
Peridot Solar CEO Javier Rubio said: “We are proud to collaborate with the EIB and Société Générale on the development of Sand Solar, a 137 MW photovoltaic plant which, supported by a solid long-term financing structure, will increase renewable energy production in Sicily.
“The project will significantly reduce CO2 emissions, while further strengthening Peridot Solar’s role as a key partner in Italy’s energy transition.”
Advisors for the transaction include Dentons as the legal advisor to Société Générale and the EIB, BonelliErede for the EIB and ADVANT Nctm for Peridot.
EOS Consulting is serving as the technical advisor and Marsh as the insurance advisor, with KPMG auditing the financial model.
Arcus Financial Advisors is providing financial advice to Peridot, with Trotter Studio Associato handling tax and accounting advice for Peridot.
In December 2025, the EIB approved a €350m loan to the Západoslovenská Energetika Group to fund a multi-year investment programme to modernise Slovakia’s electricity distribution networks, including those in the Bratislava region.
