HoloSolis raises 255 million dollars to build solar panel factories in France

The French company HoloSolis raised over 220 million Euros ($255 million) to fund the construction of one of Europe's largest solar panel factories.

Why it matters:

Solar energy will be crucial for European plans to reduce the region's dependence on Russian energy, and to switch to more environmentally-friendly sources of energy. In July, data revealed that the European Union's growth in solar energy is on track to experience its first annual decline in over a decade.

By the Numbers:

The HoloSolis project in Sarreguemines-Hambach is due to become fully operational by 2030, with the aim of producing enough power for one million homes.

The project will create 2,000 direct employment and have a production capacity of up to 5 gigawatts annually.

The latest round of financing:

Cales Technologie was one of the companies involved in this round. Other companies included InnoEnergy Groupe IDEC Armor Group, TSE and Groupe IDEC.

Key Quote:

Karine Vernier, CEO of InnoEnergy France said: "HoloSolis represents the ambition that we have had from day one: A strong and sovereign European Solar Industry."

(source: Reuters)