The award comes with theatrical exposure and additional promotion from the Europa Cinemas network of 690 cinemas.
The jury for the Europa Cinemas prize was comprised of four European exhibitors: Slovenia's Stas Ravter, Italy's Georgette Ranucci, the Slovak Republic's Michal Drobny and Germany's Christian Schmalz.
The jury said of Summer Rain: 'This is a well made film which we feel the young audience around Europe will identify strongly with. The cast is made up of talented and exciting new faces. Excellent camerawork, editing and the use of music add to the enjoyment of this summer love story.'
The film, sold by Sogepaq, is the story of a group of teenagers in 1970s Malaga.
The prize is awarded tonight at a Europa Cinemas/FIPRESCI ceremony.
Europa Cinemas also offers awards in Cannes, Venice and Karlovy Vary.