TEL AVIV, Israel, May 7, 2014 /PRNewswire/ --
Ellomay Capital Ltd. (NYSE MKT: ELLO) (TASE: ELOM),
("Ellomay" or the "Company") announced today that
Dorad Energy Ltd. ("Dorad"), which has constructed an
approximately 800 MW power plant in Southern Israel (the "Dorad Power
Plant") and in which Ellomay indirectly holds 7.5%, informed
Ellomay that on May 4, 2014 an urgent
petition was filed by Dorad with the Israeli High Court of Justice
concerning the delay in the provision of licenses to the Dorad
Power Plant (the "Petition").
Dorad informed the Company that on April
13, 2014, the Israeli Public Utility Authority - Electricity
(the "Authority") resolved to grant Dorad a manufacturing
license for a period of twenty years and a supply license for a
period of one year (together, the "Licenses"), which will
become effective with the receipt of the approval of the Israeli
Minister of National Infrastructures, Energy and Water Resources
(the "Minister"). Once the Licenses are in effect, the Dorad
Power Plant may begin commercial operations. Dorad was informed
that the execution of the Licenses is under the examination of the
Israeli Ministry of Justice due to an outstanding legal proceeding
between the employees of the Israel Electric Company
("IEC"), the IEC and the State of
Israel in the Israeli local labor court. In connection with
such legal proceeding, the labor court ruled that the State of Israel should refrain from any change
to the status quo that influences or could affect the mandates of
the IEC pending the discussions among the parties to the legal
proceeding. Dorad is not a party to this legal proceeding and an
appeal concerning this ruling that was filed by the State of Israel with the national labor court
is pending. In connection with these recent developments, the
Petition was filed by Dorad requesting the issuance of conditional
orders against, among others, the Authority, the legal advisor to
the government and the Minister, to provide the reasons for not
signing the Licenses despite governmental undertakings that were
provided to Dorad. An urgent hearing at the High Court of Justice
was scheduled for May 11, 2014.
The Company cannot at this point anticipate the outcome of the
Petition and the related proceedings, the expected delay in the
commencement of operations of the Dorad Power Plant or the
implications of such delay.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered
with the NYSE MKT, under the trading symbol "ELLO" and with the Tel
Aviv Stock Exchange under the trading symbol "ELOM." Since 2009,
Ellomay Capital focuses its business in the energy and
infrastructure sectors worldwide. Ellomay (formerly Nur
Macroprinters Ltd.) previously was a supplier of wide format and
super-wide format digital printing systems and related products
worldwide, and sold this business to Hewlett-Packard Company during
2008 for more than $100 million.
To date, Ellomay has evaluated numerous opportunities and
invested significant funds in the renewable, clean energy and
natural resources industries in Israel, Italy
and Spain, including:
- Approx. 22.6MW of photovoltaic power plants in
Italy and 85% of 2.3MW of
photovoltaic power plant in Spain;
- 7.5% indirect interest, with an option to increase its holdings
to approximately 9.375%, in Dorad Energy Ltd. Israel's largest private power plant, which
will produce approximately 800 MW, representing about 8% of
Israel's total current electricity
consumption;
Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi
Raphael and Mr. Ran Fridrich.
Mr. Nehama is one of Israel's
prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and
Messrs. Raphael and Fridrich both have vast experience in financial
and industrial businesses. These controlling shareholders, along
with Ellomay's dedicated professional management, accumulated
extensive experience in recognizing suitable business opportunities
worldwide.
The expertise of Ellomay's controlling shareholders and management
enables the company to access the capital markets, as well as
assemble global institutional investors and other potential
partners. As a result, Ellomay is capable of considering
significant and complex transactions, beyond its immediate
financial resources. For more information about Ellomay, visit
http://www.ellomay.com.
Information Relating to Forward-Looking
Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties, including statements
that are based on the current expectations and assumptions of the
Company's management. All statements, other than statements of
historical facts, included in this press release regarding the
Company's plans and objectives, expectations and assumptions of
management are forward-looking statements. The use of certain
words, including the words "estimate," "project," "intend,"
"expect," "believe," "anticipate," "will," "plan," "could," "may"
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 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 our forward-looking statements,
including actions by the IEC or its employees and updates to the
resolutions of the Israeli regulatory and governmental authorities.
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 its 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