Sharp plans $2.6 Billion joint solar venture with Enel

We last mentioned Enel in "Trina, Suntech in supply deals with Italy's Enel (STP; TSL; ENEI.MI)":

...Enel is a big dog*.
From Reuters:

Chinese solar companies Trina Solar Ltd (TSL.N: Quote) and Suntech Power Holdings Co Ltd (STP.N: Quote) have signed separate supply agreements with a unit of Italy's biggest power company, Enel SpA (ENEI.MI: Quote, Profile, Research, Stock Buzz), the companies said on Tuesday.

Suntech said it would supply Enel.si with 30 megawatts of photovoltaic solar modules later this year and in 2009.

Trina said it would supply the company with 17 MW of modules starting this year.

Enel is a world leader in generating electricity from renewable sources. It plans to spend 7.4 billion euros on such investments by the end of 2012.

*From ENEL's homepage:

Enel is Italy's largest power company and Europe’s second listed utility by installed capacity. It produces and sells electricity and gas across Europe, North and Latin America. Further to the acquisition of the Spanish utility Endesa, together with partner Acciona, Enel has now a presence in 21 countries with 75,500 MW of generating capacity (on 31st December 2007) and serves more than 50 million power and gas customers....

From the International Herald Tribune:

Sharp of Japan, Enel of Italy and a third manufacturer will invest more than $2.6 billion in Italian solar power ventures to tap growing demand for cleaner energy.

Top solar power firms are hurrying to expand capacity even as the sector smarts from a worsening global economy, which is drying up financing for new ventures and forcing smaller solar power firms to push back investment.

Sharp, the world's No.2 maker of solar cells after the German company Q-Cells, said it and Enel planned to spend about ¥100 billion, or $1.05 billion, to set up solar power generating plants in Italy with a total generating capacity of 189 megawatts by the end of 2012....MORE