Enel Green Power, the renewables unit of the Italian utility Enel SpA
(ENEL.MI), signed Monday a binding agreement with Sharp (6753.TO) and
STMicroelectronics (STM.MI) to produce photovoltaic panels in Sicily.
Enel Green Power, Sharp and STMicroelectronics committed to
implement a EUR150 million project financing agreement, following EUR49
million funding set aside last week by the Italian Joint Ministerial
Committee for Economic Planning, or CIPE, the three companies said in a
statement Monday. The three partners' equal share joint venture 3Sun
will produce photovoltaic panels and cells for an initial capacity of
160 megawatts a year at a factory in Catania, Sicily.
The factory, which will be Italy's largest photovoltaic panel
manufacturer, will start production in the second half of 2011 and is
expected to reach a yearly output of 480 MW over the coming years.