TEL-AVIV, Israel, December 21, 2016 /PRNewswire/ --
Ellomay Capital Ltd. (NYSE MKT;
TASE: ELLO) ("Ellomay" or the
"Company"), an emerging operator in the
renewable energy and energy infrastructure sector, today announced
the closing of its first investment in a Waste-to-Energy facility
in The Netherlands pursuant to a
joint venture agreement executed in July
2016 between Ellomay Luxemburg Holdings S.àr.l., the
Company's wholly-owned subsidiary ("Ellomay Luxemburg") and
Ludan Energy Overseas B.V. ("Ludan") (an indirectly
wholly-owned subsidiary of Ludan Engineering Co. Ltd. (TASE:
LUDN)).
The project company, Groen Gas Goor B.V. ("Groen Goor"),
is in the process of developing an anaerobic digestion plant, with
a green gas production capacity of approximately 375 Nm3/h, in
Goor, the Netherlands (the
"Goor Project"). Ellomay Luxemburg previously provided loans
to Ludan in aggregate amounts of Euro 2.1
million (approximately $2.2
million) and upon the financial closing of the Goor Project,
which occurred on December 20, 2016,
these loans converted into shareholder's loans of Ellomay Luxemburg
to Groen Goor.
On December 20, 2016, the
financial closing of the Goor Project occurred, whereby
Coöperatieve Rabobank U.A. agreed to provide the following
financing tranches: (i) two loans with principal amounts of
Euro 3.9 million and Euro 1.7 million, each with a fixed annual
interest rate of 3% for the first five years, for a period of 12.25
years, repayable in equal monthly installments commencing three
months following the connection of the Goor Project's facility to
the grid and (ii) an on-call credit facility of Euro 370,000 with variable interest.
The Goor Project executed an engineering, procurement and
construction agreement with an affiliate of Ludan and is expected
to enter into an operation and maintenance agreement with an
affiliate of Ludan, both based on terms already agreed to by us and
Ludan. It is estimated that the duration of the construction of the
Goor Project shall be approximately one year and the expected
overall capital expenditure in connection with the Goor Project are
approximately Euro 10 million
(approximately $10.6 million).
Ran Fridrich, CEO and director of Ellomay, commented: "The first
financial closing of the Dutch Biogas projects is an important
milestone for Ellomay, executing the Company's strategic plan to
expand its operations. These projects combine professional,
financial and engineering expertise in the Dutch renewable energy
market, which is expected to grow rapidly over the next years."
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". 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;
- 9.375% indirect interest in Dorad Energy Ltd., which owns and
operates one of Israel's largest
private power plants with production capacity of approximately 850
MW, representing about 6%-8% of Israel's total current electricity
consumption; and
- 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and
Ellomay Pumped Storage (2014) Ltd., all of which are involved in a
project to construct a 340 MW pumped storage hydro power plant in
the Manara Cliff, Israel.
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. Ellomay
believes 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 operations of the
power plant operated by Dorad and changes in the prices of natural
gas. 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