The European Investment Bank (EIB), Natixis Corporate & Investment Banking (Natixis CIB), and the Sunprime Group, have signed a financing agreement 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.
The solar panels will be operational by 2026, and are expected to generate approximately 275 gigawatt-hours of renewable electricity annually, sufficient to power more than 105,000 Italian households, the companies said in a media release. The project will reduce carbon dioxide emissions by about 2.35 million tons over the projects’ lifetime.
EIB Vice President Gelsomina Vigliotti, said: “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”.
“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.
EIB is the lending arm of the European Union, it is one of the biggest multilateral financial institutions in the world and one of the largest providers of climate finance.
