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Renewable Vibes > News > Renewable Energy > Enel’s Sicilian photovoltaic panel factory expansion receives €90 million investment from Italy

Enel’s Sicilian photovoltaic panel factory expansion receives €90 million investment from Italy

Italy has announced a commitment to invest €90 million in Enel’s photovoltaic panel factory in Sicily. The funding will be sourced from the National Recovery and Resilience Plan (NRRP) and will support Enel’s plan to transform the Sicilian facility into Europe’s main site for solar panel manufacturing. Prime Minister Giorgia Meloni shared details of the investment during her visit to the 3Sun plant in Catania.

The investment of €90 million from the NRRP will strengthen the current factory and establish a new production line, according to Prime Minister Meloni. She expressed confidence in the potential of the venture and emphasized the regional significance of the project, aiming for Catania to become a major hub in solar panel production.

Enel’s 3Sun plant currently has a production capacity of approximately 200 megawatts per year. However, the plant is set to undergo significant expansion, reaching 3 gigawatts by the end of the year. This expansion aligns with the European Union’s objectives to accelerate the transition to renewable energy and reduce dependence on gas imports from Russia.

Prime Minister Meloni also highlighted the employment opportunities associated with the project. Plans are in place to create 700 new jobs directly within the 3Sun plant by the end of 2024, as well as an additional 1,000 jobs indirectly through collaborations with supporting companies.

Enel secured a €560 million financial package in January, consisting of funds from the European Investment Bank (EIB) and a consortium of Italian banks led by UniCredit. Further financial support is expected from the European Union’s innovation fund dedicated to green technology projects.

Prime Minister Meloni emphasized the importance of competitiveness in the sector, particularly in relation to Asian players. Enel is currently in discussions with potential investors for a potential sale of up to 50 percent of the factory, aligning with global trends in the renewable energy landscape and positioning Italy as a significant player in the sustainable energy transition.

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