TEL-AVIV, Israel, May 12, 2014 /PRNewswire/ --
Ellomay Capital Ltd. (NYSE MKT: ELLO; TASE: ELOM),
("Ellomay" or the "Company") announced today that it
was informed by Dorad Energy Ltd. ("Dorad") that the Israeli
Minister of National Infrastructures, Energy and Water Resources
(the "Minister") approved the twenty-year generation license
and the one-year supply license (together, the "Licenses")
for the approximately 800 MW power plant in Southern Israel constructed by Dorad (the
"Dorad Power Plant"). Ellomay indirectly holds 7.5% of
Dorad's outstanding share capital with an option to increase its
holdings to approximately 9.375%.
This announcement follows Ellomay's previous announcement
concerning the urgent petition filed by Dorad with the Israeli High
Court of Justice against, among others, the Israeli Public Utility
Authority - Electricity, the legal advisor to the Israeli
government and the Minister, concerning the delay in the provision
of the Licenses to the Dorad Power Plant (the "Petition").
At the hearing held in connection with the Petition on May 11, 2014, the parties to the Petition reached
a settlement, which the High Court of Justice approved, that, among
other things, included the agreement of the parties that the
Minister will approve the Licenses and that Dorad will be made a
party to any petition or claim filed in the future by any of the
parties that may affect Dorad.
Ellomay was further informed by Dorad that the Dorad Power Plant
is currently expected to commence commercial operations next week.
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"
andsimilar 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, among other things, actions by the IEC or its employees,
delays in delivery of the Dorad Power Plant, technical difficulties
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