Rome, Italy [RenewableEnergyWorld.com] Sharp, Enel Green Power (EGP) and STMicroelectronics (STM) have signed a joint venture agreement for the production of thin-film solar cells. Sharp and EGP also signed a joint venture agreement for independent power producer business. Following expected approval of the joint ventures by the EU Commission the three companies will establish joint venture companies respectively by the end of March 2010.
The thin-film solar cell plant will start operation with an initial annual production capacity of 160 megawatts (MW), which is scheduled to be expanded to an annual production capacity of 480MW in the future. In addition to financing from the banks, this project will be funded by investments from each company of approximately €70 million each.
The cells produced in this plant will be marketed mainly in Europe and the Mediterranean area through the sales networks of Sharp and EGP. The two companies will establish power generation plants with a total power generation capacity of more than 500 MW by the end of December 2016.