In a landmark move for Europe's energy transition, 3Sun, Enel Green Power's gigafactory for photovoltaic cells and modules, has secured a substantial financial package of 560 million euros. This significant funding, facilitated through collaboration between the European Investment Bank (EIB) with InvestEU support, along with a consortium of Italian banks led by UniCredit and including BPER Banca (Corporate & Investment Banking) and Banco BPM, backed by SACE, is poised to drive the expansion of 3Sun's production capacity.
Situated in Catania, Sicily, the current production capacity of 3Sun, approximately 200 megawatts (MW) per year, is set to skyrocket to 3 gigawatts (GW) by the close of 2024. This transformative expansion positions the gigafactory as the largest solar factory in Europe. Not only will it generate ample clean energy production to power the equivalent of 1 million households annually, but it is also expected to foster economic growth in Sicily by creating direct job opportunities and indirect employment prospects.
The initiative aligns seamlessly with the broader REPowerEU mission, contributing to the European Union's ambitious goal of generating nearly 600 GW of solar energy by 2030. Simultaneously, it plays a crucial role in reducing dependence on gas imports and diversifying sourcing away from Chinese solar components. The EIB, committed to providing €45 billion in additional financing to support REPowerEU since July 2023, is a key player in this venture, emphasizing its dedication to fostering European manufacturing in state-of-the-art strategic net-zero technologies.
At the heart of the gigafactory's operations is cutting-edge research and innovation, producing high-performance bifacial photovoltaic modules that capture sunlight from both sides. This innovation positions 3Sun as the world's most automated photovoltaic panel production plant, operating continuously—24 hours a day, 365 days a year.
The gigafactory emerges as a catalyst for reshoring the photovoltaic value chain in Europe, driving the adoption of next-generation high-efficiency solar technology. Beyond this, it stands as a technological hub, strategically contributing to the resurgence of the European photovoltaic industry and reducing the continent's energy dependence.
The financial structure of the transaction, as a result of signed EIB commitments, is detailed as follows:
- €47.5 million EIB loan, supported by InvestEU.
- €147.5 million UniCredit loan, 80% guaranteed by a SACE green guarantee, plus €85 million VAT loan.
- €140 million Banco BPM loan, 80% guaranteed by a SACE green guarantee.
- €140 million BPER Banca loan, 80% guaranteed by a SACE green guarantee.
The extensive financial support of €560 million for the construction and operation of Europe's largest solar factory was made possible through the collaboration of Italian banks, with backing from SACE, Italy's export credit agency, and EIB direct financing under the InvestEU programme. The EIB's involvement also includes intermediated loans to commercial lenders, reaching €118 million and potentially increasing to up to €342 million in 2024, marking a total EIB intervention in support of 3Sun at €389.5 million.
Frimu Ghinea
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