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The European Investment Bank, world’s largest multilateral financial institution, has signed a €70 million financing for the Sand Solar project in Italy. The project covers a 137 MW solar PV plant in Sicily with a total estimated cost of €105 million. Peridot Solar (Holdco) Ltd is the promoter for the project.The plant is expected to support Italy’s renewable energy targets and wider EU 2030 climate goals. Project revenues will be backed by a two-sided contract for difference scheme, with a limited merchant tail.The project completed its EIA process and obtained environmental approval in September 2021.EIB said it will monitor compliance with its environmental and social standards, including forced labour risk in solar panel supply chains.
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