HelioSphera has announced that the Greek parliament has granted approval to its application for a subsidy to manufacture thin-film solar photovoltaic systems. The subsidy amounts to €29.88 million [US $40.27 million] and is a key component of HelioSphera project finance structure.

The company said that the plant that will receive the subsidy represents an investment of €180 million [US $242.6 million] and will be located in Tripolis, Greece. HelioSphera said the facility have an annual production capacity of 60 megawatts of thin-film panels.

The facility would constitute the biggest micromorph photovoltaic panels manufacturing facility in Europe. It will employ some 180 staff and will be ready to start mass production during the third quarter of 2009.