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Italy to invest in Enel plant to boost solar panel manufacturing, PM says

2024.02.03 14:00


© Reuters. FILE PHOTO: Italy’s Prime Minister Giorgia Meloni holds her end-of-year information convention in Rome, Italy, December 29, 2022. REUTERS/Guglielmo Mangiapane/File Photo

ROME (Reuters) – Italy will invest in Enel (BIT:)’s photovoltaic panel manufacturing facility in Sicily, supporting its plan to boost manufacturing and grow to be Europe’s important web site for solar panels, Prime Minister Giorgia Meloni mentioned on Saturday.

“There are 90 million euros ($97 million) for this project from the National Recovery and Resilience Plan (NRRP)… which will allow the current factory to strengthen itself and for a further new production line to be established,” Meloni mentioned on the finish of her go to to the 3Sun plant, in the town of Catania.

“Our bet is for Catania to become one of the most important hubs in solar panel production,” she added.

The manufacturing facility’s current manufacturing capability of roughly 200 megawatts (MW) a yr is ready to broaden to 3 gigawatts (GW) by the tip of this yr, with a six month delay in contrast with what was initially introduced by Enel in 2022.

Meloni mentioned the goal was to create 700 new jobs by the tip of 2024, and an additional 1,000 not directly, in corporations working with the 3Sun plant.

The challenge to boost the manufacturing facility’s capability comes because the European Union is in search of to velocity up the swap to renewables and finish its dependence on fuel imported from Russia.

Meloni, who took cost in October 2022, has pledged to boost renewables in the south to attempt to deal with a long time of under-development.

“We want and we need to be competitive in this sector compared to Asian players,” Meloni mentioned on Saturday.

In January Enel secured a 560 million euro monetary bundle from the European Investment Bank (EIB) and a bunch of Italian banks, led by UniCredit, to broaden the location.

Further funds for the plant will come from the European Union’s innovation fund for inexperienced expertise initiatives.

The power group can be in talks with potential traders over presumably promoting up to 50% in the manufacturing facility, sources have mentioned.

($1 = 0.9273 euros)

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