Enel to Assume STMicroelectronics’ Stake in 3Sun

Enel to Assume STMicroelectronics' Stake in 3Sun

Enel Green Power has announced the company’s intention to buy out the full interests of both Sharp Corporation and STMicroelectronics in 3Sun , the equal joint venture between Enel Green Power, Sharp, and STMicroelectronics. Each is equal to one-third of the share capital.

Originally, Enel reported an off-take agreement to purchase from Sharp the entire output of the 3Sun Catania facility, which currently produces around 200 MW of thin-film, multi-junction photovoltaic panels annually. Under the agreement with STMicroelectronics, Enel Green Power will receive payment of 15 million euros from STMicroelectronics which will then be fully released from any obligations concerning the joint venture or Enel Green Power.

The acquisition will result in Enel Green Power holding 100 percent of 3Sun. The deal becomes effective once approval is received from the lender banks and any necessary regulatory authorities.

The thin-film panels are particularly well-suited for high-temperature applications and are used by Enel Green Power to build its photovoltaic plants, such as in South America and South Africa and other geographical areas of emerging countries envisaged in the 2014-2018 Business Plan. For example, 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 in South Africa.

Additionally, Enel and its subsidiary Endesa have again been confirmed in the Euronext-Vigeo Sustainability Indices. The indices, which are updated once every six months, acknowledge the efforts of companies placing sustainable development at the core of their business agenda.

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