BAKU, Azerbaijan, March 18. European Investment
Bank, Natixis Corporate & Investment Banking and Sunprime Holdings
S.r.l. have signed a €507 million project finance deal to support
Project Sophocles, a major Italian solar and battery storage
program, Trend
reports via the EIB.


The project will finance around 200 photovoltaic (PV) plants
totalling 290 MWp, paired with 350 MW of battery energy storage
systems (BESS). By combining distributed solar with large-scale
storage, the program aims to improve grid flexibility, support
renewable integration, and strengthen Italy’s electricity system.
The EIB will provide up to €271 million in financing.


Once operational, Project Sophocles is expected to generate 416
GWh of renewable electricity annually, enough to power more than
160,000 households, and avoid roughly 2.86 million tonnes of CO₂
emissions over its lifetime. Most installations will be on
industrial rooftops or existing commercial surfaces, minimizing
environmental impact.


The project portfolio will be structured into 6–12
cross-collateralized clusters, with revenues derived from Italy’s
Contract for Difference mechanism, tolling agreements, capacity
market participation, and wholesale electricity sales. The BESS
assets will provide frequency regulation, peak shaving, and
congestion management services, reducing reliance on gas-fired
generation.


The program is expected to create about 1,400 person-years of
temporary construction employment and roughly 120 permanent
operations jobs. Investments will be implemented between 2026 and
2028 across several Italian regions, including cohesion areas
prioritized for green transition and economic development.







The operation is backed by the InvestEU Guarantee, part of the
€26.2 billion EU budget designed to mobilize sustainable
infrastructure investment across Europe. Project Sophocles aligns
with Italy’s 2030 National Energy and Climate Plan and the EU’s
REPowerEU strategy to accelerate the shift away from fossil
fuels.


Legal and technical advisory teams include Legance, Ashurst,
Praxi, AON, KPMG, and ValeCap.


The EIB Group, owned by the 27 EU Member States, is among the
world’s largest multilateral development banks, supporting projects
in climate action, digitalization, infrastructure, and innovation.
Its subsidiary, the European Investment Fund, provides guarantees
and equity to improve finance access for European SMEs and
startups.