By Nina Kienle

Enel's Italian solar gigafactory secured a 560 million-euro ($607.9 million) financing package from the European Investment Bank and a pool of Italian banks to expand production capacity.

Enel Green Power's 3Sun, located in Catania, Sicily, is seeking to expand its production capacity to 3 gigawatts a year by the end of 2024 from 200 megawatts, the European Investment Bank said Wednesday. As a result, 3Sun will become Europe's largest solar factory.

The financing comes the European Investment Bank, supported by InvestEU and various Italian banks such as UniCredit, BPER Banca and Banco BPM.

The photovoltaic cell and modules production gigafactory is set to generate enough clean energy production capacity to supply the equivalent of 1 million households a year.

Write to Nina Kienle at nina.kienle@wsj.com

(END) Dow Jones Newswires

January 24, 2024 10:18 ET (15:18 GMT)

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