Enel Green Power, Sharp and STMicroelectronics have signed a binding letter of commitment for a project-financing agreement for 150 million euros for the development of what will be Italy's biggest photovoltaic panel factory, according to the companies.
The 3Sun equal-share joint venture thus enters its operational phase, in line with the agreement signed by the three partners in January. The goal of the joint venture is to start operations at the Catania factory for the integrated production of photovoltaic cells and panels.
The Sicilian factory's initial photovoltaic panel production capacity, equivalent to 160 MW per year, is to be financed through a combination of self-financing, funding from the CIPE (the Italian Joint Ministerial Committee for Economic planning) – which recently set aside 49 million euros for this project – and project financing provided by banks.
Each partner has underwritten one-third of the equity – with a commitment of 70 million euros in cash or in tangible and intangible assets, as previously announced – and holds one-third of the shares in the new joint venture.