Lithuania's Solitek plans solar module factory in Italy

Lithuanian solar panel manufacturer Solitek will invest almost EUR 50 million (USD 53.9m) to set up a solar module factory in Italy, it said on Monday.

The company explained it has chosen Italy due to its favorable climate and growing demand for clean energy, especially in the agricultural sector.

The plant in Benevento, southern Italy is expected to be completed in three years. Solitek said it is currently organising technical specifics and plans to move to the first development stage to build a 600-MW solar panel production line in the second quarter of 2024.

The firm will also install a 1-GW line for battery energy storage in a second stage of the project. It will produce its battery called Nova, which uses artificial intelligence (AI) to track weather and consumer behaviour to optimise energy production and storage.

The company, which participated in the Energy Transition Expo in Rimini last week, expects the factory to create up to 300 jobs. It intends to fund it with subsidies from the European Commission and its own capital.

(EUR 1 = USD 1.077)

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