3Sun, Enel Green Power's Sicilian gigafactory for the production of photovoltaic cells and modules, has secured €560 million in financing to expand production capacity.

The financing, says a joint note, was put together by the European Investment Bank (EIB), supported by InvestEU, together with a pool of Italian banks, led by UniCredit and including Bper Banca (Corporate & Investment Banking) and Banco Bpm, with Sace backing.

The production capacity of the 3Sun Gigafactory in Catania will increase from the current 200 megawatts (MW) or so to 3 gigawatts (GW) annually by the end of 2024, enabling it to become the largest factory for the production of solar cells and modules in Europe.

(Stefano Bernabei, editing Andrea Mandalà)