Enel Green Power company 3Sun has signed a €560 million ($599 million) project financing agreement to fund the expansion of 3Sun's solar panel factory in Catania, Sicily.

The loan is divided between a €475 million ($508 million) senior term loan and an €85 million ($91 million) VAT loan. The senior term loan is partially counter-guaranteed by SACE through the Green Guarantee aimed at pursuing the environmental objective of climate change mitigation as part of Italy's Green New Deal.

The investment will contribute to the development of TANGO, an industrial- scale manufacturing plant for innovative, sustainable, high-performance photovoltaic modules at 3Sun. In line with the agreement, the expansion of the factory will result in a 15-fold increase in its capacity to 3GW per year from the current 200MW. The 3GW production plant is expected to be fully operational by July 2024 making 3Sun the largest gigawatt-scale factory in Europe producing high-performance bifacial PV modules.