Enel Solar Gigafactory Secures $608 Million Financing to Expand Production Capacity
By Nina Kienle
Enel's Italian solar gigafactory secured a 560 million-euro ($607.9 million) financing package from the European Investment Bank and a pool of Italian banks to expand production capacity.
Enel Green Power's 3Sun, located in Catania, Sicily, is seeking to expand its production capacity to 3 gigawatts a year by the end of 2024 from 200 megawatts, the European Investment Bank said Wednesday. As a result, 3Sun will become Europe's largest solar factory.
The financing comes the European Investment Bank, supported by InvestEU and various Italian banks such as UniCredit, BPER Banca and Banco BPM.
The photovoltaic cell and modules production gigafactory is set to generate enough clean energy production capacity to supply the equivalent of 1 million households a year.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
January 24, 2024 10:18 ET (15:18 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks