The EIB is supporting solar developments in Italy and Ireland to expand renewable electricity generation and strengthen energy security
In Italy, it has committed up to €271 million out of €507 million pledged with Natixis, to support around 200 distributed solar plants totaling 290 MW
The Italian portfolio of Sunprime Holdings also includes 350 MW of battery energy storage
In Ireland, the bank is providing €100 million for the 395 MW Project Dolmen solar portfolio led by Power Capital Renewable Energy
The European Investment Bank (EIB) is supporting new solar power developments in Italy and Ireland through project financing aimed at expanding renewable electricity generation and strengthening energy security. The bank’s backing covers distributed solar projects paired with battery storage in Italy, as well as a large-scale solar PV portfolio in Ireland.
These investments follow the European Commission’s adoption of it’s the Clean Energy Investment Strategy under which the EIB intends to deliver more than €75 billion of financing over the next 3 years to support its achievement. It will increase support to private investments in innovative clean energy technologies, including floating solar and agrivoltaics.
“With our Clean Energy Investment Strategy, backed by over €75 billion of financing by the European Investment Bank, we will de-risk projects and attract a broader range of investors to help finance clean technologies, energy efficiency and modern infrastructure such as grids that will underpin the clean energy transition,” said Commissioner for Energy and Housing, Dan Jørgensen.
In Italy, the EIB has committed up to €271 million to advance around 200 distributed generation solar PV plants with a combined 290 MW capacity, along with 350 MW of battery energy storage systems (BESS). EIB’s commitment forms part of an up to €507 million project financing with Natixis Corporate & Investment Banking.
Under Project Sophocles, the beneficiary independent power producer (IPP) Sunprime Holdings will finance the construction and operation of the solar and storage projects, which will generate an estimated 416 GWh of clean electricity annually. Using solar power systems together with big batteries will help the electricity grid work more smoothly, make it easier to use renewable energy, while ensuring stability and reliability for the Italian power system, according to the EIB.
“We can generate a significant portion of the electricity that we need with Solar projects, at a competitive cost and where it is more sustainble: next to industrial areas where the consumption is higher, on the rooftops of industrial or agricultural facilities, mostly after the removal of asbestos, on abandoned agricultural land or with respect to existing farming,” said Sunprime Holdings CEO Antonio Mazzitelli.
The Italian IPP aims to bring 750 MW of solar and 1,400 MWh of batteries into operation by 2027.
In Ireland, the EIB is supporting Power Capital Renewable Energy’s €260 million Project Dolmen Solar PV with a €100 million project financing. The 395 MW portfolio will increase Ireland’s renewable electricity generation.
The Irish project concerns the development of 4 solar PV plants in County Clare, County Wicklow, County Wexford, and County Tipperary. On completion, these will generate around 367 GWh annually. Their revenues will be supported through a 2-sided contracts for difference (CfD) support scheme with a merchant tail, shared the bank.
“By backing Ireland's first solar project financed on a pure project finance basis, the EIB is helping to unlock almost 400 MW of new renewable capacity that will strengthen Ireland's energy security and cut greenhouse gas emissions,” stated EIB Vice President Ioannis Tsakiris.
