TEL-AVIV, Israel, June 25, 2014 /PRNewswire/ --
Ellomay Capital Ltd. (NYSE MKT: ELLO; TASE: ELOM)
("Ellomay" or the
"Company") an emerging operator in the
renewable energy and energy infrastructure sector, today announced
the execution by the Italian President of a decree presented by the
Italian Government that will, if approved by the Italian
Parliament, decrease the Feed-in-Tariff ("FiT") guaranteed
to existing photovoltaic plants with nominal capacity of more than
200 kW (the "Decree"). The Decree forms part of the
Italian Government's efforts to reduce electricity costs and has
entered into force with its execution by the Italian President, but
is subject to the approval of the Italian Parliament within a
period of 60 days.
Pursuant to the available versions of the Decree and
announcements made by the Italian Government, operators of existing
photovoltaic plants, such as the Company, which received a
guaranteed 20-year FiT under current Italian legislation, will be
required to choose between a reduction of 8% in the FiT, or
extending the 20-year term of the FiT to 24 years with a reduction
of approximately 20% in the FiT (based on the remaining years in
the initial guaranteed FiT period of the Company's existing Italian
photovoltaic plants) (the "Extension of FiT Option").
Governmentally sponsored loans, for the amount of the FiT
reduction under the Extension of FiT Option, are expected to be
offered to operators which will choose that option. The
photovoltaic plant operators, such as the Company, are required to
make this choice by November 30,
2014, with effect commencing January
1, 2015.
The Company is studying the Decree and its effects on its
results and does not currently have enough information to determine
which option it will choose with respect to each of its Italian
photovoltaic plants. As noted above, the Decree is subject to the
approval of the Italian Parliament and the Company cannot at this
point predict whether it will be approved and whether the terms of
the Decree will be revised prior to such approval.
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 9.375%, in Dorad Energy Ltd. Israel's largest private power plant, with
production capacity of 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. 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 "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 changes to the Decree and other regulatory developments.
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: anatb@ellomay.com
SOURCE Ellomay Capital Ltd