July 11, 2014 – Enel Green Power SpA and Sharp Corporation 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.
The consideration due to Enel Green Power from Sharp amounts to 95 million euros. Under today's deal, Enel Green Power commits to acquire Sharp's equity stake in Enel Green Power & Sharp Solar Energy Srl ("ESSE").
Once the acquisition of the equity stake is formalized, Enel Green Power will hold 100% of ESSE.