Sharp Spends €95 Million to Terminate PV JV
Enel Green Power SpA and Sharp Corporation have reached a deal under which Enel Green Power will assume Sharp's obligations arising from the off-take agreement concerning the output of photovoltaic panels manufactured at the Catania factory of 3Sun Srl, the equal joint venture between Enel Green Power, Sharp and STMicroelectronics. The consideration due to Enel Green Power from Sharp amounts to 95 million euros. Once the acquisition of the equity stake is formalized, Enel Green Power will hold 100% of ESSE.
The off-take agreement is a contract under which Enel Green Power and Sharp committed to purchase the entire output of the 3Sun Catania facility, which currently manufactures around 200 MW of thin-film, multi-junction photovoltaic panels a year.
The panels produced at the 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 for the supply of power from photovoltaic plants in the amount of more than 300 MW of installed capacity.