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Enel Green Power SpA to buy 100 pct of 3Sun Srl from stakes held by Sharp Corporation and STMicroelectronics

Wednesday, 23 Jul 2014 05:03am EDT 

Enel Green Power SpA:Says it will buy out the interests (each equal to one-third of the share capital) of Sharp Corporation and STMicroelectronics NV in 3Sun Srl, the equal joint venture between Enel Green Power, Sharp and STMicroelectronics.3Sun currently manufactures around 200 MW of thin-film, multi-junction photovoltaic panels each year at its Catania plant.Under the agreement with STMicroelectronics, Enel Green Power will receive payment of 15 million euros from STMicroelectronics which will be fully released from any obligations concerning the joint venture or Enel Green Power.The acquisition, which will result in Enel Green Power holding 100 pct of 3Sun, will become effective once approval is received from the lender banks and the competent authorities (if required). 

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