• Under the deal Enel Green Power will buy back from Sharp the latter’s off-take obligations for 3Sun factory output;
• Again, under the deal, the consideration due to Enel Green Power from Sharp amounts to 95 million euros;
• The deal also provides for a commitment by Enel Green Power to acquire Sharp’s equity stake in ESSE, the equal joint venture between the two companies.
Enel Green Power SpA (“Enel Green Power”) and Sharp Corporation (“Sharp”) 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 (“3Sun”), the equal joint venture between Enel Green Power, Sharp and STMicroelectronics.
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.
The consideration due to Enel Green Power from Sharp amounts to 95 million euros.
Again, under today's deal, Enel Green Power (enel.com) commits to acquire Sharp’s equity stake in Enel Green Power & Sharp Solar Energy Srl (“ESSE”), an equal joint venture created to develop, build and operate photovoltaic plants in the EMEA area, using the photovoltaic panels manufactured at the 3Sun Srl plant.
Once the acquisition of the equity stake is formalized, Enel Green Power will hold 100% of ESSE