TEL-AVIV, Israel, August 1, 2013 /PRNewswire/ --
Ellomay Capital Ltd. (NYSE MKT: ELLO)
("Ellomay" or the
"Company") announced today that it received a
notice from Dorad Energy Ltd. ("Dorad"), in which it
indirectly holds 7.5% (with an option to increase such holdings to
9.375%), that the 400KV GIS substation serving the power plant
constructed by Dorad has been energized and connected to the
Israeli national grid. Based on the notice received from Dorad, the
first six gas turbines (each with a 48 MW capacity) are
expected to be commissioned in simple cycle during
the next few weeks, with all twelve gas turbines planned to be
fired by the end of August 2013
and commissioning of the heat recovery boilers and the steam
turbines will take place from September
2013 through November 2013,
with acceptance tests for the entire combined-cycle Dorad power
plant currently scheduled to take place in December 2013.
Pursuant to the notice received from Dorad, the Dorad power plant
is currently expected to start commercial operation and production
of power at its full capacity of approximately 800 MW in
January 2014.
About Ellomay Capital
Ellomay is an Israeli public company whose shares are listed on
the NYSE MKT 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, and controlled by Mr. Nehama and Kanir Joint
Investments (2005) Limited Partnership, which is controlled by Mr.
Ran Fridrich and Mr. Hemi
Raphael.
Ellomay's main assets include twelve photovoltaic plants in
Italy with an aggregate capacity
of approximately 22.8 MWp (six in the Puglia Region, four in the
Marche Region and two in the Veneto Region), 85% ownership of a
photovoltaic plant in Spain with a
capacity of approximately 2.3 MWp, and 7.5% indirect holdings in
Dorad (with an option to increase such holdings to 9.375%),
Israel's largest private power
plant, which is in the final stages of construction and is expected
to have an aggregate capacity of approximately 800MW (representing
approximately 8% of Israel's
current electricity consumption).
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 the Company's plans and objectives of management are
forward-looking statements. The use of certain words,
including the words "estimate," "project," "intend," "expect,"
"scheduled," "believe" and similar expressions are intended to
identify forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The Company
may not actually achieve the plans, intentions or expectations
disclosed in the Company's forward-looking statements and you
should not place undue reliance on the Company's forward-looking
statements. Various important factors could cause actual results or
events to differ materially from those that may be expressed or
implied by the Company's forward-looking statements, including
delays in construction, technical difficulties and general security
conditions in Israel. These and
other risks and uncertainties associated with the Company's
business are described in greater detail in the filings the Company
makes from time to time with Securities and Exchange Commission,
including the Company's 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: anatb@ellomay.com
SOURCE Ellomay Capital Ltd