EIB and Société Générale to support new renewable energy capacity in Sicily

Once operational, the plant is expected to generate around 256 GWh/y of renewable electricity – enough to power nearly 100 000 households while avoiding some 85 000 tpy of carbon dioxide emissions, 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 EU’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 Société Générale’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,” added Enrico Chiapparoli, Country Head in Italy for Société Générale.

“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 carbon dioxide emissions, while further strengthening Peridot Solar’s role as a key partner in Italy’s energy transition,” concluded Javier Rubio, CEO of Peridot Solar.

The transaction advisors are: the global law firm Dentons (legal advisor to Société Générale 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).

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