Enel Green Power SpA will buy out the interests (each equal to one-third of the share capital) of Sharp Corporation and STMicroelectronics in 3Sun Srl (3Sun), the equal joint venture between Enel Green Power, Sharp and STMicroelectronics.
3Sun currently manufactures around 200 MW of thin-film, multi-junction photovoltaic panels each year at its Catania plant. The panels produced at the 3Sun factory, which are especially well-suited for high-temperature applications, are used by Enel Green Power to build its photovoltaic plants in the various geographical areas of emerging countries envisaged in the 2014-2018 Business Plan, including South America and South Africa. Specifically, in South Africa, the company was awarded the right, in October 2013, to enter into contracts to supply photovoltaic power in the amount of more than 300 MW of installed capacity.
Under the agreement with STMicroelectronics, which follows the agreement reached last week with Sharp Corporation, Enel Green Power will receive payment of 15 million euros from STMicroelectronics which, as a consequence, will be fully released from any obligations concerning the joint venture or Enel Green Power.
The acquisition, which will result in Enel Green Power holding 100% of 3Sun, will become effective once approval is received from the lender banks and the competent authorities (if required).