TEL AVIV, Israel, August 31, 2016 /PRNewswire/ --
Ellomay Capital Ltd. (NYSE MKT: ELLO; TASE: ELLO)
("Ellomay" or the "Company"), an
emerging operator in the renewable energy and energy infrastructure
sector, today announced the execution by the Israeli Minister of
National Infrastructures, Energy and Water Resources (the
"Minister") of a conditional license to Ellomay Pumped
Storage (2014) Ltd. ("Ellomay PS" and the
"Conditional License," respectively). The Company
indirectly owns 75% of Ellomay PS. The Conditional License
regulates the construction of a pumped storage plant in the Manara
Cliff with a capacity of 340MW.
The Conditional License includes several conditions precedent to
the entitlement of the holder of the Conditional License to receive
an electricity production license. The Conditional License is valid
for a period of seventy two (72) months commencing from the date of
its approval by the Minister, subject to compliance by Ellomay PS
with the milestones set forth therein and subject to the other
provisions set forth therein (including a financial closing, the
provision of guarantees and the construction of the pumped storage
hydro power plant).
Mr. Ran Fridrich, CEO and a board member of Ellomay commented:
"We are pleased with this progress in our Manara Cliff pumped
storage project. Obtaining the conditional license marks a
substantial milestone in the continued development of the Manara
Cliff pumped storage project, which is expected to be highly
complex and is currently in its early stages."
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered
with the NYSE MKT and with the Tel Aviv Stock Exchange under the
trading symbol "ELLO" and whose Series A Debentures are traded on
the Tel Aviv Stock Exchange. 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:
- Approximately 22.6MW of photovoltaic power plants in
Italy and approximately 7.9MW
of photovoltaic power plants in Spain; and
- Approximately 9.4% indirect interest in Dorad Energy Ltd.,
which owns and operates one of Israel's largest private power plant with
production capacity of approximately 850 MW, representing about
6%-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, we believe 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" 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, such as regulatory changes, changes
in demand, technical and other disruptions in the construction of
the power plant by Ellomay PS and the obtaining of financing. 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: anatb@ellomay.com
SOURCE Ellomay Capital Ltd