Enel in Talks to Sell Its Sicily PV Manufacture Stake

Feb 7, 2023 11:10 AM ET
  • Enel, the Italian energy group, is in exclusive talks to sell a stake in 3Sun, its photovoltaic panel production site in Sicily. This move is part of the EU effort to speed up the switch to renewables and reduce dependence on Chinese solar materials.
Enel in Talks to Sell Its Sicily PV Manufacture Stake
Image: REUTERS/Antonio Parrinello

What happened?

Enel, the Italian energy group, has entered exclusive talks to sell a stake in 3Sun, its photovoltaic panel production site in Sicily. British solar energy specialist NextEnergy Capital is in pole position to buy a minority stake in Enel's 3Sun giant solar panels factory. The plant's current production capacity of around 200 megawatts (MW) per year will rise to 3 gigawatts (GW) by July 2024, making it the biggest factory in Europe. The total investment for the factory is estimated at 600 million euros ($646.20 million), of which around 190 million will be granted by the European Union. (Source: Reuters)

Why does it matter?

This move is part of the EU effort to speed up the switch to renewables and reduce dependence on Chinese solar materials. 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 aims to reach almost 600 GW of solar energy by 2030, and the number of installations is increasing. Industry group SolarPower Europe estimated in December that panels generating at least 40 GW had been installed in 2022 and growth would exceed 270 GW by 2025. 

What's next?

In November, Enel announced it would build a solar photovoltaic (PV) cell and panel manufacturing facility in the United States in an effort to support the creation of a North American supply chain. This is a part of the company's plan to create a global renewable energy supply chain and reduce its dependence on Chinese solar materials. This move is expected to help the EU achieve its goal of reaching 600 GW of solar energy by 2030.

Source:
reuters.com

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