Enel Green Power’s 3Sun Secures €560 Million Financial Package for Solar Gigafactory Expansion

Enel Green Power’s photovoltaic cell and modules production gigafactory, 3Sun, has obtained a substantial €560 million financial package to facilitate the expansion of its production capacity, marking a significant milestone in Europe’s energy transition and security. The financing, made possible through a collaboration between the European Investment Bank (EIB) with support from InvestEU, and a consortium of Italian banks led by UniCredit, includes BPER Banca (Corporate & Investment Banking) and Banco BPM, with backing from SACE, Italy’s export credit agency.

Situated in Catania, Sicily, 3Sun’s current production capacity of approximately 200 megawatts (MW) per year is slated to increase to 3 gigawatts (GW) by the end of 2024, making it the largest solar factory in Europe. The expanded capacity will not only generate enough clean energy to power the equivalent of 1 million households annually but also contribute to economic growth in Sicily by creating direct and indirect job opportunities.

The project aligns with the broader REPowerEU mission, supporting the European Union’s goal of producing nearly 600 GW of solar energy by 2030 while reducing dependence on gas imports and diversifying sourcing away from Chinese solar components. In July 2023, the EIB committed to providing €45 billion in additional financing to bolster REPowerEU, including funding for European manufacturing in state-of-the-art strategic net-zero technologies.

3Sun’s gigafactory employs research and innovation to produce high-performance bifacial photovoltaic modules, capable of capturing sunlight from both sides. It operates as the world’s most automated photovoltaic panel production plant, functioning seamlessly on a continuous cycle throughout the year.

The project serves as a catalyst for reshoring the PV value chain in Europe, fostering next-generation high-efficiency solar technology development in the continent. Additionally, it contributes to reducing the continent’s energy dependence by establishing a technological hub for the resurgence of the European photovoltaic industry.

The financial support of €560 million for the construction and operation of Europe’s largest solar factory is made possible by the consortium of Italian banks, with backing from SACE and EIB direct financing supported by the InvestEU programme. The EIB financing includes intermediated loans to commercial lenders, totaling €118 million initially and potentially increasing to €342 million by 2024, bringing the total EIB intervention in support of 3Sun to €389.5 million.