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Written by / Agency / Source: Enel Group

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Enel Green Power to Buy 100% of 3Sun Factory - The Company will buy out the interests of STMicroelectronics and Sharp in 3Sun, the equal joint venture created to manufacture photovoltaic panels - Enel.com
Enel Green Power to Buy 100% of 3Sun Factory

 

NewswireToday - /newswire/ - Rome, Italy, 2014/07/23 - The Company will buy out the interests of STMicroelectronics and Sharp in 3Sun, the equal joint venture created to manufacture photovoltaic panels - Enel.com. IT0003128367

   
 
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Enel Green Power SpA (“Enel Green Power”) will buy out the interests (each equal to one-third of the share capital) of Sharp Corporation and STMicroelectronics in 3Sun Srl ("3Sun"), the equal joint venture between Enel Green Power, Sharp and STMicroelectronics.

3Sun currently manufactures around 200 MW of thin-film, multi-junction photovoltaic panels each year at its Catania plant. The panels produced at the 3Sun factory, which are especially well-suited for high-temperature applications, are used by Enel Green Power to build its photovoltaic plants in the various geographical areas of emerging countries envisaged in the 2014-2018 Business Plan, including South America and South Africa. Specifically, in South Africa, the company was awarded the right, in October 2013, to enter into contracts to supply photovoltaic power in the amount of more than 300 MW of installed capacity.

Under the agreement with STMicroelectronics, which follows the agreement reached last week with Sharp Corporation, Enel Green Power will receive payment of 15 million euros from STMicroelectronics which, as a consequence, will be fully released from any obligations concerning the joint venture or Enel Green Power.

The acquisition, which will result in Enel Green Power holding 100% of 3Sun, will become effective once approval is received from the lender banks and the competent authorities (if required).

Enel Green Power (enel.com) is the Enel Group company fully dedicated to the development and management of renewable energy sources at the international level, with operations in Europe and the Americas. The company generated over 29 billion kWh in 2013 from water, sun, wind and the Earth’s heat - enough to meet the energy needs of more than 10 million households and avoid the emission of 16 million tonnes of CO2 into the atmosphere. Enel Green Power is a world leader in the sector thanks to its well-balanced generation mix, providing generation volumes well over the sector average. The company has an installed capacity of approximately 8,900 MW from a mix of sources including wind, solar, hydroelectric, geothermal, and biomass. The company has approximately 750 plants operating in 16 countries in Europe and the Americas.

 
 
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Written by / Agency / Source: Enel Group

 
 

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Enel Green Power to Buy 100% of 3Sun Factory

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Enel | 3Sun Factory
Publisher Contact: Enel Group - Enel.com 
+39 06 83055699 ufficiostampa[.]enel.com
 
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