€560 million for European solar gigafactory
3Sun, Enel Green Power's photovoltaic cell and modules production gigafactory, has secured a EUR 560 million financial package to back the expansion of its production capacity.
The financing was made possible through a collaborative effort between the European Investment Bank (EIB), supported by InvestEU, and a pool of Italian banks, led by UniCredit and comprising BPER Banca (Corporate & Investment Banking)and Banco BPM, backed by SACE.
Located in Catania, Sicily, 3Sun’s existing production capacity of approximately 200 megawatts (MW) a year is set to expand to 3 gigawatts (GW) by the end of 2024, thus becoming one of the largest solar factories in Europe. In addition to generating enough clean energy production capacity to supply the equivalent of 1 million households a year, the gigafactory is expected to contribute to economic growth in Sicily by creating direct jobs.
The gigafactory produces high-performance bifacial photovoltaic modules, capturing sunlight from both sides. The company says that the gigafactory will act as a catalyst for reshoring the PV value chain in Europe.