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    Référence: 20220497
    Date de publication: 20 mars 2024

    Promoteur – Intermédiaire Financier




    3Sun Srl, is an Italian company ultimately owned by Enel SpA, will develop TANGO (iTaliAN pv Giga factOry), an industrial-scale production facility for the manufacturing of innovative, sustainable and high-performance photovoltaic (PV) modules at EGP's 3Sun solar panel factory in Catania, Sicily. The project consists of the development of a PV module "Gigafactory" increasing the cells and modules production capacity from current 200 MW/y up to 3 GW/y. The module will leverage on existing building and facilities and with proper investments in a new building, by upgrading existing facilities and new high quality cells production and module assembly lines. The Gigafactory will also include the upgrade of the 3 GW production line from HJT (Hetero Junction Technology), one of the current best technical solutions available on the market, to tandem silicon-on-perovskite technology, one of the most promising solar PV cell manufacturing technologies to increase the solar irradiation energy conversion efficiency beyond the theoretical limits of silicon.

    Additionality and Impact

    The operation concerns capital investments that will be carried out in the photovoltaic (PV) Gigafactory owned by the private company 3Sun Srl ("3Sun", the "Borrower") in Catania, Italy, a cohesion region under the EU Cohesion Policy.

    The project is comprised of two phases:

    -      Phase 1 concerns the installation of a 3GW production line for photovoltaic (PV) modules based on Hetero Junction Technology ("HJT") ? an established PV technology capable of producing modules with high efficiency and power output.

    -      Phase 2, covers the RDI activities for the development of new tandem perovskite-on silicon ("Tandem") solar PV cells and modules, and building a first-of-a-kind production line using this highly innovative technology, with the aim of bringing it from lab to commercial scale. The Tandem technology is capable of exceeding the theoretical solar irradiation energy conversion efficiency limits of silicon-only cells (including HJT).

    The project activities are eligible under the EIB Climate Action and Environmental Sustainability guidelines as they involve both the manufacturing of renewable energy technology (for the HJT part) and Research Development and Innovation Activity, "Research development and innovation in manufacture of renewable energy technologies" (for the Tandem part).


    The project is eligible under Article 309 point (a) projects for developing less-developed regions and point (c) common interest.

    The project falls under the InvestEU eligibility area:

    1. The development of the energy sector in accordance with the Energy Union priorities, including security of energy supply, clean energy transition and the commitments taken under the 2030 Agenda for Sustainable Development and the Paris Agreement, in particular through:

    (a) the expansion of the generation, supply or use of clean and sustainable renewable and safe and sustainable other zero and low-emission energy sources and solutions.

    The operation is considered a flag-ship project for the EU, contributing to the transition towards renewable energy and leading to substantial GHG emission savings. It is consistent with the objectives laid out in the Commission's Net Zero Act.


    The operation will support the competitiveness of a European company active on a global scale, while contributing to reshoring the production of state-of-the-art solar PV cells and modules to Europe, thus reducing dependence on Chinese imports. The operation will therefore contribute to the Strategic Energy Technologies Plan and to Repower EU.

    The project addresses the following market failures (externalities):

    -      The project will lead to the development and deployment of innovative and process technologies with substantial environmental benefits.

    -      The financing of this project supports RDI activities, which generate significant positive knowledge, technology and environmental externalities, through the creation of innovative processes, products or services and breakthrough technology development.


    The operation entails a high degree of risk, in particular technological risk linked to the deployment of the Tandem technology and market risks (both supply and demand). The project will substantially benefit from the EIB contribution from a financial and non-financial standpoint. Local commercial lenders have very limited appetite for the risks associated with the project. In particular, EIB involvement has been key given the inability of other financiers to assume more than 50% of the total senior debt for a first-time borrower in a new sector segment with material technological risk, market risks. The substantial financial benefit provided by EIB allows for the improvement of the overall financials of the project.

    The operation would not be carried out to by the EIB without the InvestEU support.


    The factory's expansion is set to result in a 15-fold increase in its production capacity to 3 GW per year from the current 200 MW. The 3 GW production facility is expected to be fully commissioned by 2024, making 3Sun Europe's largest gigawatt-scale factory producing high-performance bifacial PV modules. This investment is expected to increase local direct and indirect employment opportunities, alongside acting as a catalyst for the relaunch of a European PV value chain.


    Montant BEI envisagé (montant approximatif)

    EUR 428 million

    Coût total (montant approximatif)

    EUR 667 million

    Aspects environnementaux

    The project entails innovation in the field of PV manufacturing which will result in GHG savings estimated in 25Mt.

    Passation des marchés

    The borrower has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Borrower is subject to EU public procurement legislation, then the European Commission will be duly informed which will require the borrower to apply those rules.


    Signé - 21/12/2023

    À l'examen
    15 juin 2023
    21 décembre 2023

    Clause de non-responsabilité

    Avant d’être approuvés par le Conseil d’administration et avant la signature des prêts correspondants, les projets font l’objet d’une instruction et de négociations. Par conséquent, les informations et données fournies sur cette page sont indicatives.
    Elles sont fournies à des fins de transparence uniquement et ne peuvent être considérées comme représentant la politique officielle de la BEI (voir également les notes explicatives).

    Mots-clés correspondants

    Italie Industrie