ENLAY - Enel to spend $1B-plus on solar panel factory in Oklahoma

2023-05-22 11:25:30 ET

Enel ( OTCPK:ENLAY ) said Monday it expects to spend more than $1B to build an industrial-scale solar cell and panel manufacturing facility in Oklahoma, making it one of the largest plants producing solar equipment in the U.S.

Enel ( OTCPK:ENLAY ) said it expects the factory will reach 3 GW of annual production capacity, with the possibility of a future expansion to 6 GW.

Construction should begin this fall, subject to final approvals and permits, with the first panels produced and available to the market by the end of next year, the company said.

Enel's ( OTCPK:ENLAY ) 3Sun USA manufacturing arm in the U.S. said it selected the 300-acre site in Inola, Okla., because it has water and power utilities and a workforce in the region that can immediately support its large factory.

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