TEL-AVIV, Israel, March 14, 2012 /PRNewswire/ --
Ellomay Capital Ltd. (NYSE Amex: ELLO)
("Ellomay" or the "Company"), announced today that a
Spanish company, in which the Company indirectly owns 85%, entered
into share purchase agreements and an asset purchase agreement
(together, the "Agreements") with Conergy España, S.L.U
("Conergy España") in connection with the
acquisition of a photovoltaic plant with fixed technology located
in Cordoba, Spain with a total
nominal output of 1.89 MWp, and a peak power output of 2.275 MWp
(the "Rinconada II PV Plant") and of
related licenses. The remaining 15% of the Spanish company are held
by a Spanish company engaged in providing construction, operating
and maintenance services for photovoltaic plants in Europe and elsewhere, whose subsidiary has
built and is currently providing operation and maintenance services
for several of the Company's photovoltaic plants in Italy. The Rinconada II PV Plant is
constructed and operational and has been connected to the Spanish
national grid since July 2010. The
Rinconada II PV Plant is entitled to receive the Spanish special
economic regime for renewable energies.
Pursuant to the Agreements, the 85% owned Spanish subsidiary of
the Company purchased all of the outstanding shares of Spanish
companies holding the licenses to produce electricity in the
Rinconada PV II Plant and also separately purchased the Rinconada
II PV Plant.
The consideration paid by the Spanish subsidiary in connection
with the acquisition of the Rinconada II PV Plant and the related
licenses, including all applicable taxes and expenses, amounts to
approximately Euro 7 million. It is
the Company's intention to finance the majority of the investment
in connection with this photovoltaic plant by obtaining financing
from a financial institution.
Ran Fridrich, CEO and a member of the Board of Directors of the
Company, noted: "our entry into the first investment in the
photovoltaic field in Spain joins
the ten photovoltaic plants we own in Italy. We believe in the renewable energy
field, and view investments in the photovoltaic industry in
different areas in Europe, where
there is governmental encouragement and supporting regulation, as a
valid opportunity to create value for our shareholders." Mr.
Fridrich added: "we continue to explore various opportunities for
investment in the renewable energy field in Israel and abroad. So far, we concentrated our
investments in Israel on natural
gas operated power plants with holdings of 7.5% in the Dorad power
plant and investments in oil and gas exploration licenses and we
continue to explore different opportunities to expand the Company's
portfolio to other areas of renewable energy."
About Ellomay Capital
Ellomay Capital is an Israeli public company whose shares are
listed on the NYSE Amex stock exchange, which focuses its business
in the energy and infrastructure sectors worldwide and is chaired
by Mr. Shlomo Nehama, former
Chairman of Bank Hapoalim. Ellomay Capital's assets include ten
photovoltaic plants in Italy with
an aggregated capacity of approximately 11 MW, holdings in Dorad,
Israel's largest private power
plant, which is currently under construction and is expected to
produce approximately 800MW, representing about 8% of Israel's current electricity consumption and
20% of the participating interests in the Yitzchak oil and gas
exploration and drilling license in the Mediterranean sea.
Information Relating to Forward-Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. All statements, other
than statements of historical facts, included in this press release
regarding our plans and objectives of management are
forward-looking statements. The use of certain words,
including the words "plan," "estimate," "project," "intend,"
"expect," "believe" and similar expressions are intended to
identify forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. We may not
actually achieve the plans, intentions or expectations disclosed in
our forward-looking statements and you should not place undue
reliance on our forward-looking statements. Various important
factors could cause actual results or events to differ materially
from those that may be expressed or implied by our forward-looking
statements, including, but not limited to, changes in the output of
the Rinconada II PV Plant and in the energy and infrastructure
markets and regulation in Europe
and worldwide. These and other risks and uncertainties associated
with our business are described in greater detail in the filings we
make from time to time with Securities and Exchange Commission,
including our Annual Report on Form 20-F. The forward-looking
statements are made as of this date and the Company does not
undertake any obligation to update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Contact:
Kalia Weintraub
CFO
Tel: +972-(3)-797-1111
Email: kaliaw@ellomay.com
SOURCE Ellomay Capital Ltd