Aug 4 2010
Enel Green Power, Sharp and STMicroelectronics, formed a joint venture called 3Sun and signed a project financing agreement to the value of 150 million euros.
This agreement signed for the development of the largest photovoltaic panel factory in Italy for which the CIPE (Italian Joint Ministerial Committee for Economic Planning) has set aside a fund of 49 million euros and sponsorship is also expected from leading banks. The equal joint venture agreement signed by the three partners on 4th January 2010 is now completed with the appointment of legal bodies to manage the production.
Each of the partners is expected to bring in their specific experience and skills acquired over the years for the development of 3Sun. While Enel, enriches the partnership with its renewable energy developing and project management skills, sharp is expected to bring its patented triple-junction thin film solar technology and STMicroelectronics will contribute its manufacturing skills and the participation of skilled technicians. The panel production operation of the Catania plant is expected to commence during the second half of the year 2011. 3Sun is planning to reach 480 MW production capabilities in a few years time.
The two companies Enel Green Power & Sharp Solar Energy also have formed another joint venture called – ESSE, for the purpose of building and managing solar farms in Mediterranean area by utilizing the solar panels manufactured in the 3Sun plant and sell the power produced to the utility.