The European Investment Bank (EIB), financial firm Natixis Corporate & Investment Banking (Natixis CIB) and independent power producer (IPP) Sunprime Holdings have signed a project-finance operation for a 290MWp solar PV and energy storage portfolio.
Called Project Sophocles, the financing will support the construction of nearly 200 rooftop and ground-mounted PV plants with 350MW battery energy storage systems (BESS) across Italy.
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By pairing distributed solar PV generation with large-scale BESS, the project will help improve Italy’s grid flexibility and strengthen the resilience of the electricity system, according to EIB.
The project-finance operation will be worth up to €507 million (US$585 million), for which the EIB will provide up to €271 million in financing. Natixis CIB acted as sole underwriter, structuring MLA, bookrunner, hedging bank, green loan coordinator and agent bank.
According to the EIB, the investments will be implemented between 2026 and 2028 across several Italian regions.
“Italy is rapidly scaling up decentralised solar and storage, and Project Sophocles is a landmark example of how solar photovoltaic plants and batteries can work together to create a cleaner, more flexible and more secure electricity system. With the support of InvestEU and in line with the REPowerEU objectives, the EIB is able to mobilise significant long‑term financing to accelerate the green transition while crowding in private capital,” said EIB Vice‑President Gelsomina Vigliotti.
This is not the first time all three companies have partnered to finance the development of solar PV capacity. Indeed, EIB financed the project Solomon, which comprised a 220MW PV portfolio – across 100 rooftop and ground-mounted projects – in 2024. According to the EIB, the Solomon project is “progressing smoothly and on budget, confirming the reliability of the promoter’s model and execution capacity.”
The Sophocles project will be structured into six to 12 cross‑collateralised clusters, with revenue expected to be secured from Italy’s Fer-X Contract for Difference mechanism for the solar PV assets and wholesale electricity market revenues. For the BESS assets, the revenues will come through tolling agreements and capacity‑market participation.
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.

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