Enel in talks to sell stake in 3Sun gigafactory

• 1 year, 9 months ago (2023-02-08)
• David Flin

Europe 1089 Solar 272

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Italian energy group Enel has entered exclusive talks to sell a stake in 3Sun , its photovoltaic panel production site in Sicily, according to Francesco Starace, Enel’s Chief Executive.

Sources suggest that British solar energy specialist NextEnergy Capital is likely to but a minority stake in Enel’s 3Sun solar panels factory. Aldo Beolchini, Chief Investment Officer of NextEnergy Capital said: “NextEnergy Capital is proud to support Enel Green Power in the reshoring of the photovoltaic supply chain.”

Enel said that the plant’s current production of around 200 MW per year will rise to 3 GW per year by July 2024, making it the biggest photovoltaic factory in Europe. The total investment for the factory is estimated at €600 million, of which around €190 million will be granted by the EU.

The project to build new generation panels in Sicily is part of the EU effort to speed up the switch to renewables, ending dependence on Russian gas and helping reduce the reliance on Chinese solar materials. Starace said: “Renewable energy growth estimates for the next few years make a clear case for investing in the creation of a domestic production chain, which represents a strategic move for Italy and Europe.”

The EU as a whole intends to reach 600 GW of installed solar energy by 2030.