- The project involves the construction of a 137 MW photovoltaic plant in Sicily, helping Italy achieve its 2030 energy and climate objectives.
- The EIB will provide up to €70 million under the REPowerEU plan.
- Societe Generale will provide up to €83.34 million.
- Once operational, the plant will generate around 256 GWh of clean electricity per year, avoiding 85 000 tonnes of CO₂ emissions annually.
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 located in the municipalities of Monreale and Gibellina in Sicily. The investment is part of ramped up EIB support for renewable energy generation under the REPowerEU initiative and contributes directly to Italy’s integrated national energy and climate plan (PNIEC) for 2030.
Once operational, the plant is expected to generate around 256 GWh of renewable electricity per year – enough to power nearly 100 000 households while avoiding some 85 000 tonnes of CO₂ emissions annually, compared with fossil fuel-based power generation. The project will also support economic and social cohesion, as Sicily is one of Italy’s cohesion regions where investment in green infrastructure remains a priority. It will include biodiversity protection zones, ecological corridors and landscape integration measures, agreed with local authorities.
The project will be developed and operated by Peridot Solar, a FitzWalter Capital portfolio company specialising in photovoltaic plants and energy storage systems across Europe. FWC Solar (HOLDCO) Italy II s.r.l., the project company controlled by Peridot, is the beneficiary of the €70 million EIB loan supporting the investment. The plant will be built under a fully permitted, construction-ready project and will include a 5 km underground 30 kV connection line to a new 30/220 kV substation, currently under development. Construction is scheduled to start in April 2026, with commercial operation expected by mid-2027.
“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,” said EIB Vice-President Gelsomina Vigliotti.
“This transaction underscores Societe Generale’s ability to execute its mandates swiftly while maintaining the highest banking and sustainability standards. We are pleased to have worked with Peridot Solar and the EIB to finance this 137 MW greenfield photovoltaic plant, supporting the delivery of new renewable capacity within an ambitious timeframe. It is an excellent example of how strong sponsors and aligned financial partners can work together to make tangible progress in the energy transition,” said Enrico Chiapparoli, Country Head in Italy for Societe Generale.
“We are proud to collaborate with the EIB and Societe Generale 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,” said Javier Rubio, CEO of Peridot Solar.
The transaction advisors are: 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).
Background information
EIB Group
The European Investment Bank Group is the financing arm of the European Union, owned by the 27 Member States, and one of the largest multilateral development banks in the world. In 2025, the EIB Group signed €100 billion of new financing and advisory services for over 870 high-impact projects under eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, territorial cohesion, agriculture and the bioeconomy, social infrastructure, strong global partnerships, and the savings and investments union. Beyond long-term loans for large infrastructure, the EIB Group crowds in private investment for high-risk innovative projects and businesses, with a growing role in Europe’s markets for venture debt, venture capital, guarantees and securitisations.
The European Investment Fund (EIF) is the subsidiary of the EIB Group specialised in providing guarantees and equity to improve access to finance for small and medium-sized businesses and startups across Europe. Acting as an anchor investor, through its extensive network of partnering banks and investment funds, the EIF mobilises private investment and nurtures the ecosystem of venture capital funds to support innovative European entrepreneurs.
In 2023, the EIF together with six EU Member States (France, Germany, Italy, Spain, Belgium and the Netherlands) launched the European Tech Champions Initiative, a fund of funds to scale up innovative startups. As of February 2026, this initiative has already enabled the creation of 14 European venture capital mega funds and scaled up 40 companies, including 11 unicorns (with more than €1 billion in capital). Photos of the EIB Group’s representatives and headquarters, logo files and video B-roll for media use are available here.
Societe Generale
Societe Generale is a top-tier European Bank with around 110,000 employees serving 27 million clients in 58 countries across the world. We have been supporting the development of our economies for over 160 years, providing our corporate, institutional and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.
The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:
- French retail, private banking and insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
- Global banking and investor solutions, a top-tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
- Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialised financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
Peridot Solar
Peridot Solar, an international independent power producer (IPP) owned by the FitzWalter Capital group, has been active since 2022 in the development, construction and operation of renewable energy plants, with a focus on photovoltaic and energy storage systems.
Leveraging the expertise of its team, Peridot Solar covers the entire project value chain, from development and financial structuring, to engineering procurement and construction management – allowing it to build and connect plants under the highest quality and efficiency standards.
With its integrated approach and long-term vision, Peridot Solar is committed to advancing the energy transition by delivering innovative, reliable, and sustainable solutions that pursue decarbonisation and create value for stakeholders.