Enel Green Power's gigafactory, 3Sun, which manufactures photovoltaic cells and modules, has successfully obtained a financial bundle amounting to 560 million euros. This funding will be utilized to enhance 3Sun's production capacity, thereby signifying a significant advancement in Europe's energy security and transition. The financing was made possible by a collaboration between the European Investment Bank (EIB), sponsored by InvestEU, and a group of Italian banks led by UniCredit, which included BPER Banca (Corporate & Investment Banking) and Banco BPM, supported by SACE. The Catania gigafactory's production capacity will rise from 200 megawatts (MW) to 3 gigawatts (GW) per year by the end of 2024, making it Europe's largest solar cell and module factory. As a result, the Gigafactory will serve as "a catalyst for the relocation of the photovoltaic value chain in Europe". In addition to reducing the continent's energy dependence, the project will advance high-efficiency solar technology of the next generation and contribute to the development of the Etna Valley technology hub, which is oriented toward the emergence of the European photovoltaic industry. In addition to providing enough renewable energy to power the equivalent of one million households per year, the project will boost economic growth in Sicily by creating direct and indirect job possibilities. The initiative aids in the realization of REPowerEU's overarching objective, which is to assist the European Union in attaining an estimated 600 GW of solar energy production by 2030. In doing so, the project aims to decrease reliance on gas imports and broaden the supply of PV components away from China.
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