TEL-AVIV, Israel, July 21, 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 of definitive agreements for the purchase of 3
photovoltaic (solar) plants with approximately 5.6MWp (with nominal
output of approximately 5.2MWn) in the aggregate (the
"PV Plants"). The PV Plants are ground
mounted fixed technology plants and are located in Murcia,
Spain. The PV Plants are already
constructed and operating and were connected to the Spanish
national grid in 2011. The Company previously announced its entry
into a binding Letter of Intent in this regard in May 2014.
The PV Plants will be acquired from a Spanish company (the
"Seller") whose German parent company has entered into
insolvency proceedings. The PV Plants and all associated assets and
rights will be purchased by Ellomay for an aggregate purchase price
of Euro 9.5 million (approximately
US$13 million), subject to certain
purchase price adjustments.
The closing of the transactions is subject to customary closing
conditions and is expected to occur by the end of the third quarter
of 2014. Upon closing of the acquisitions, Ellomay will more
than triple the current production capacity of Ellomay's existing
photovoltaic sites in Spain to
approximately 7.9MWp. The PV Plants join the Company's thirteen
existing photovoltaic sites in Italy and Spain, increasing their aggregate capacity to
more than 30MWp. The Company expects that the annual revenue from
the PV Plants will be approximately Euro 2
million (approximately US$ 2.7
million), and together with the Company's entire PV
portfolio the annual revenue for 2014 will be approximately
Euro 13.2 million (approximately
US$18 million).
Ran Fridrich, CEO of Ellomay noted that "The PV Plants will
be acquired at an attractive price and will contribute to the
enhancement and diversification of the Company's PV portfolio.
Ellomay will continue to seek attractive opportunities in the
energy sector and leverage its excellent capabilities to identify
and execute such transactions."
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. 22.6MWp 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 to date,
with production capacity of more than 800MW, representing about 6%
of Israel's power capacity.
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 delays in the closing of the transactions, changes in the
regulatory provisions applicable to the PV Plants and to the
Company's other photovoltaic plants and the remuneration scheme
applicable to them, non-fulfillment of one or more of the
conditions to closing set forth in the definitive agreements and
changes in the actual output of the PV Plants and the other
photovoltaic plants owned by the Company. 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