Aug 9 2010
STMicroelectronics, Sharp and Enel Green Power have inked a binding letter of commitment meant for a project financing contract for €150 million for developing a PV panel plant in Italy.
This equal-share joint venture called 3Sun has entered its operational phase. The aim of this joint venture is to commence work at the Catania plant for the integrated manufacture of innovative PV panels and cells.
The initial PV panel production capacity of the Sicilian factory is 160 MW annually. This plant will be funded by the Italian Joint Ministerial Committee for Economic planning (CIPE), which recently allocated €49 million for this project. Each partner of the joint venture has underwritten around 30% of the equity in the joint venture.
Each partner brings with it specialized skills and knowledge to 3Sun. Sharp contributes its thin-film, triple-junction technology. STMicroelectronics has expertise in manufacturing with trained specialists in advanced technology sectors including microelectronics. Enel Green Power has expertise in project management and renewable energy development.
Over the years, the output of the plant is anticipated to hit 480 MW capacity. Production of panels at the Catania facility is likely to commence by late 2011. Output from the plant will serve solar markets in the Middle East, Africa and Europe.
Source: http://www.st.com/