Italy: Europe’s biggest solar gigafactory 3Sun secures €560 million financing from EIB and pool of Italian banks led by UniCredit and backed by SACE

Jan 25, 2024 1143

3Sun, Enel Green Power's photovoltaic cell and modules production gigafactory, has secured a 560 million euro financial package to back the expansion of its production capacity, in a significant milestone for Europe’s energy transition and security. The financing was made possible through a collaborative effort between the European Investment Bank (EIB), supported by InvestEU, and a pool of Italian banks. 

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 the largest solar factory 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 and indirect employment opportunities.

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