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Italy’s Prime Minister, Giorgia Meloni, has unveiled a significant investment of EUR90m from the National Recovery and Resilience Plan (NRRP) to support Enel’s [ENEL:IM] photovoltaic panel factory in Sicily, as reported by Reuters on February 3. This move is part of a broader strategy to enhance production and position Catania as a key player in Europe’s solar panel manufacturing. The funding is expected to strengthen the existing factory and facilitate the establishment of a new production line. The factory’s capacity, currently at 200 megawatts per year, is set to expand to an impressive 3 gigawatts by the end of the year, albeit with a six-month delay from Enel’s initial announcement in 2022. Prime Minister Meloni envisions the creation of 700 new jobs directly and an additional 1,000 indirectly through collaborations with companies associated with the 3Sun plant by the end of 2024.
The initiative aligns with the European Union’s objective to accelerate the transition to renewable energy sources and reduce dependence on Russian gas. Giorgia Meloni, who assumed office in October 2022, is committed to fostering renewable energy in the southern regions of Italy to address historical under-development. Emphasizing the need for competitiveness in the sector compared to Asian players, Meloni sees the investment as a strategic move in the context of the global push for green technologies. Enel, the energy group spearheading the project, secured a substantial EUR560m financial package in January, with additional funding expected from the European Union’s innovation fund for green technology projects. Furthermore, Enel is currently engaged in discussions with potential investors, exploring the possibility of selling up to 50% of the factory, marking a key development in the broader landscape of sustainable energy investment.
