French bank Societe Generale and the European Investment Bank (EIB) have signed a €153 million (US$178.9 million) financing agreement for the construction of a 137MW solar PV project in Italy.
The Sand Solar project will be built on the island of Sicily in southern Italy by Peridot Solar, an independent power producer (IPP) with headquarters in Italy and the UK. Peridot expects to begin construction at the project this month, which will benefit from a new 30kW connection line to a 30/220kV substation, which is currently under development. The IPP expects to begin commercial operation at the project in the middle of 2027.
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“This transaction underscores Societe Generale’s ability to execute its mandates swiftly while maintaining the highest banking and sustainability standards,” said Enrico Chiapparoli, Societe Generale country head of Italy. “It is an excellent example of how strong sponsors and aligned financial partners can work together to make tangible progress in the energy transition.”
EIB’s contribution to the deal takes the form of a €70 million loan, and follows its financing of a solar-plus-storage portfolio, also in Italy, earlier this year. Italy expects solar PV to be a key component of its energy transition, aiming for 44.1GW of operational capacity in 2025 and 79.3GW in 2030, in the 2024 National Energy and Climate Plan (NECP). This latter figure would account for more than half of the renewable energy capacity in operation in the country.
However, at the end of 2025 Italy was a shade below its target, with figures from transmission system operator Terna showing that 43.5GW was in operation at the end of the year, and fewer installations in 2025 than in the previous year. The government has sought to accelerate capacity additions through its Fonti di Energia Rinnovabile (FER X) auction, which saw 474 solar PV projects, with a combined capacity of 7.69GW, awarded capacity.
Speaking exclusively to PV Tech Premium earlier this year, trade body SolarPower Europe highlighted the FER X auction as a key driver behind an uptick in solar capacity awarded through government auctions in Europe in 2025.
Leaders in the European solar sector are turning their attention to this year’s SolarPlus Europe event, to be held in Italy on 15-16 April by PV Tech publisher Solar Media. Information about the event, including the full agenda and options to purchase tickets are available on the official website.
