SoliTek, a major manufacturer of solar panels in Northern Europe, is expanding its operations into Italy and investing nearly 50 million euros in establishing a new solar module factory in Benevento. Lithuanian company's move is part of its long-term strategic plan to expand and establish a strong presence in European market, paving the way for future growth and expansion into other regions. The project is expected to take three years and is financed through a combination of subsidies from European Commission and SoliTek's capital.
New plant in Italy represents an exciting development that will enable the company to take advantage of the growing demand for sustainable energy and help support the agricultural sector in Italy. Therefore, SoliTek plans to provide solar panels for agro-installations (AgroPV) that produce electricity, provide shade for plants and protect them against adverse weather conditions.
The project is expected to take three years. The corporation is currently organizing technical specifics, with plans to transition to the first development stage to build a 600 MW solar panel production line in Q2, 2024. In the second phase, Solitek will install a 1 GW battery
line for energy storage.
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