Iberdrola secures green loan for photovoltaic plant in Sicily

Iberdrola has finalized a €100m ($103m) green loan agreement with the European Investment Bank (EIB), guaranteed by SACE under the Archimede scheme, to construct a new photovoltaic plant in Sicily, Italy. 

This marks the first collaboration between the EIB and Iberdrola backed by SACE.

The plant, expected to be operational by 2025, will have a capacity of 242.78MWp, producing 400GWh annually—enough to meet the energy needs of approximately 154,000 households. 

Located in the provinces of Enna and Catania, it will enhance Italy’s renewable energy capacity and contribute to the EU’s climate goals.

The EIB will finance 70% of the project, with SACE’s Archimede guarantee providing favorable market conditions for up to 25 years. The plant will feature advanced technologies to optimize energy efficiency and minimize environmental impact. It is also expected to generate local employment opportunities.

In related news, Iberdrola announced the completion of its acquisition of 100% of its subsidiary Avangrid, following regulatory approvals in New York, FERC, and Maine. Avangrid shareholders will receive $35.75 per share, and the company’s shares will be delisted from the NYSE.