STMicro, Enel Green Power, Sharp agree on Catania photovoltaic plant's financing

(ADPnews) - Aug 2, 2010 - Franco-Italian chip maker STMicroelectronics (EPA:STM), Italian renewable energy group Enel Green Power and Japanese electric and electronic goods producer Sharp (TYO:6753) have signed a binding agreement for the financing of the Catania photovoltaic factory, based in Sicily, Italy, STMicro announced today.

The equal-share joint-venture, named 3Sun, will invest EUR 150 million (USD 196m) in the development of the plant, which is set to be Italy's biggest photovoltaic panel plant.

Under the agreement, each of the three companies will provide EUR 70 million in cash or in tangible and intangible assets, while the Italian Joint Ministerial Committee for Economic planning (CIPE) will inject EUR 49 million and the rest will be financed by banks.

The factory, which is expected to produce 480 MW annually, is due to be operational in the second half of 2011.

(EUR 1.0 = USD 1.307)

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