The European Investment Bank (EIB), Natixis Corporate & Investment Banking (Natixis CIB), and the Sunprime Group have agreed on a financing deal of EUR 204 million ($223.9 million) for the construction and operation of over 100 solar power systems with a combined capacity of up to 220 megawatts across Italy.
This initiative emphasizes efficient land use and decentralized energy production. Once operational in 2026, these solar plants are expected to generate approximately 275 gigawatt-hours of renewable electricity annually, sufficient to power more than 105,000 Italian households, the trio said in a media release.
The solar portfolio is projected to reduce carbon dioxide emissions by about 2.35 million tons over the projects’ lifetime.
“Italy is a market with huge potential for solar energy production and this funding will make the country more energy independent. The EIB is the climate bank of the European Union, and our financing helps make the world more sustainable for future generations”, said EIB Vice-President Gelsomina Vigliotti.
“This key transaction will enable our group to reach the target of 500-megawatt peak connected over 400 projects throughout Italy, built in areas where it is more sustainable to install photovoltaic systems: roofs after asbestos has been removed, energy-intensive companies, industrial and agricultural land close to industrial zones”, Sunprime CEO Antonio Mazzitelli said.
“We are proud to have been appointed as Sole Underwriter for this key greenfield initiative for Sunprime, which consolidates our leading position in the renewable energy sector in Italy. This additional ‘Green Loan’ funding in the Italian market confirms Natixis’ continued focus on sustainable development in the context of ecological transition and environmental values”, Infra&Energy Finance Executive Director of Natixis CIB (Milan Branch) Stefano Mazza added.
Most photovoltaic systems will qualify for the incentive rate under the Renewable Decree (FER Decree 1) by being built on industrial land or rooftops with asbestos removal, generating contractual revenues for 20 years. For installations on agricultural land, Sunprime will arrange long-term electricity purchase agreements or sell the energy on the market.
In support of the REPowerEU plan, the EIB has committed an additional EUR 45 billion ($49.5 billion) in investments by 2027 to support renewable energy projects.
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