ALBA SOLAR PV GREEN LOAN

Promoteur – Intermédiaire Financier

GREENIT SPA

Lieu

• Italie

Description

The project consists of the development, construction and operation of a portfolio of solar photovoltaic (PV) power plants across Italy for a total of 383 Megawatt-peak (MWp). More specifically, it includes approximately 14 solar PV plants with indicative individual capacities ranging from 5 MWp to 80 MWp.

Additionality and Impact

The investment programme increases the production of electricity from low carbon sources (solar PV) and addresses negative climate and environmental externalities. It contributes to progressing towards the EU and national renewable energy targets of Italy.

The financing of this programme contributes to Bank's lending priority objectives on "Sustainable Energy & Natural Resources - Decarbonising Energy Supply (Renewable Energy)", as well as on the transversal objectives of Climate Action (mitigation), Environmental Sustainability (Pollution Prevention Control) and, partly, economic and social Cohesion (transversal).

The schemes are expected to rely on a mix of contracts for difference obtained through a competitive auction and wholesale market revenues (spot markets and/or PPAs). They thereby contribute to the EIB's Energy Lending Policy objective to support the market integration of RE projects.

The schemes are expected to result in a positive economic rate of return, considering the economic value of the clean and renewable electricity generated and a positive broader social benefit by generating electricity at a cost (LCOE) reasonably below cost alternatives in the Member States. The project is supported by adequate governance and capabilities of the promoter.

A majority of schemes are expected to be located in EIB Cohesion Priority Regions, supporting the strengthening of the EU's economic, social and territorial cohesion. 

The Bank offers essential technical supervision for the project, emphasizing risk evaluation and mitigation throughout its implementation and operational stages.

In terms of finance, the Bank extends high-risk debt financing via a novel structured portfolio financing model, advantageous to both the Project and the Promoter. Early engagement by the Bank is vital in drawing further investment and ensuring the Promoter's access to long-term capital. EIB's contribution with its financial structuring expertise has been innovative and has a high value to the counterparty through accelerating financial close significantly.

Objectifs

The aim is to contribute towards the national and EU energy and climate goals, namely helping to decarbonise electricity production across the EU and decrease the reliance on fossil fuels. In certain regions where the plants are to be developed—specifically within EIB’s Cohesion Priority Regions—the project would also support the “less developed regions”.

Secteur(s)

• Énergie - Production et distribution d'électricité, de gaz, de vapeur et d'air conditionné

Montant BEI envisagé (montant approximatif)

EUR 250 million

Coût total (montant approximatif)

EUR 400 million

Aspects environnementaux

This project is intended to generate environmental benefits by supporting ground based solar PV projects that help mitigate climate change. The individual plants and most of the ancillary infrastructure fall under Annex II of the environmental impact assessment (EIA) Directive 2011/92/EU (amended by EIA 2014/52/EU). Overhead transmission lines for the interconnection of the schemes to the grid, if falling under the Annex I due to their technical characteristics, will be expected to be subject in all cases to an EIA process. The individual projects are at various stages of permitting at this stage. The appraisal will focus on the capacity and capability of the promoter to implement the programme in line with EIB's environmental and social standards and requirements.

Passation des marchés

The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the promoter is subject to the EU public procurement legislation then the promoter will have to apply those rules.

Statut

Signé - 5/08/2025