Solitek expands to Italy. The Lithuanian module manufacturer is investing almost 50 million euros in a new plant for the production of solar panels there. The company's move is part of its long-term strategic plan to expand and establish a strong presence in the European market. Solitek wants to pave the way for future growth and expansion into other regions.
Invest 50 million euros
The build-up of production capacity is expected to take three years, with Solitek planning to invest nearly €50 million to develop and construct the new facility. Part of the funding comes from grants from the European Commission. The company finances the remainder from equity. Solitek is currently working on the technical details and plans to move into the first phase of development to build the production line in the second quarter of 2024. Once everything is in place, solar modules with an output of 600 megawatts will be produced there every year.
Focused on agriphotovoltaics
The decision to invest in Italy was determined by two key factors, after a complex process of selecting possible locations: the favorable climate and the increasing demand for sustainable energy, especially in the agribusiness, as emphasized Julius Sakalauskas, Managing Director of Solitek. The company therefore plans to focus on the production of solar modules for agricultural systems (agriphotovoltaics). These generate electricity, provide shade for the plants and protect them from adverse weather conditions. The new production facility also serves as a springboard for Solitek's further expansion in southern Europe.