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    Reference: 20220388
    Release date: 21 June 2022

    Promoter – Financial Intermediary




    Multi-annual investment programme into small-scale photovoltaic (PV) plants (~10 MW average nominal capacity) separated into two portfolios (14 units and 12 units, respectively), with a total installed capacity of 255 MW, at geographically dispersed locations throughout Italy, including Sardinia and Sicily.

    Additionality and Impact

    The project will foster the integration of mature variable renewable generation technologies in the market through a market-competitive auction system and through subsidy-free, market-based instruments (power purchase agreements). The plants will employ the innovative so-called bifacial photovoltaic modules. The project addresses multiple market failures delivering significant economic benefits. Its quality is very good, also thanks to a good governance profile. It offers a valid contribution to national and EU climate and energy targets, and supports multiple EIB policy goals, including Climate Action.

    The support of the EIB in leading this project to completion is significant, in particular because of the degree of exposure to merchant risk. EIB acts as cornerstone lender, and is expected to improve the probability of a timely financial close, by giving comfort and crowding-in other private financiers partly relying on the Bank's structuring expertise.


    The project produces electricity from low-carbon sources (solar PV) in Italy and addresses the market failure of negative climate and environmental externalities through the reduction of carbon emissions and air pollution. The project supports EU Renewable Energy (RE) objectives and supports Italy in meeting its commitments with respect to renewable energy targets (87 GW of RE by 2030) and greenhouse gas emission reductions set out in the Integrated National Energy and Climate Plan (INECP) revised after the publication of the EU Green Deal.


    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 157 million

    Total cost (Approximate amount)

    EUR 210 million

    Environmental aspects

    PV plants fall under Annex II of the EIA Directive 2011/92/EU (as amended by Directive 2014/52/EU) according to which Member States shall determine whether the installation should be subject to a mandatory environmental impact assessment (EIA) based on defined criteria. Impacts on the environment from PV plants are likely to stem from causes that include noise, dust and increased traffic during the construction phase and from visual and land use impacts during operation. These impacts are unlikely to cause any significant negative residual effects to the environment.


    The PV plants will likely be operating without exclusive or special rights within the meaning of the EU Utilities Directive 2004/17/EC and subsequent 2014/25/EU, hence private sector procurement procedures are expected to apply. Equipment and works may be purchased through a single EPC contract or few separate contracts.


    Signed - 22/12/2022


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Italy Energy