Enel SpA (ENEL.MI), Sharp Corp. (6753.TO) and STMicroelectronics NV (STM) Friday inaugurated their Italian facility to produce photovoltaic panels for an initial total investment of almost EUR400 million as they target the growing solar renewable market.
Enel SpA (ENEL.MI), Sharp Corp. (6753.TO) and STMicroelectronics NV
(STM) Friday inaugurated their Italian facility to produce photovoltaic panels
for an initial total investment of almost EUR400 million as they target the
growing solar renewable market.
The venture, called 3Sun Srl, aims to manufacture the panels, using thin-film
technology from the Japanese company, by the end of the year. The first year's
production will total 160 megawatts, to increase to up to 480MW by 2014 if
market conditions allow it.
"We could eventually reach an annual production of 1 gigawatt," said
Andrea Cuomo, chairman of 3Sun, at a press conference in
Catania
, on
the
island
of
Sicily
.
The panels will target the European and African markets, with a special focus
on the Mediterranean basin.
The total investment is made up of EUR70 million from each of the three
partners, plus EUR49 million from the Italian state and the rest from bank
loans under project financing rules.
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