TEL AVIV, Israel, June 6, 2018 /PRNewswire/ --
Ellomay Capital Ltd. (NYSE
American: ELLO) (TASE: ELLO) ("Ellomay" or the
"Company "), a renewable energy and power generator and
developer of renewable energy and power projects in Europe and Israel, today announced that Talasol Solar
S.L. ("Talasol"), which the Company indirectly wholly owns
and which is promoting the construction of a photovoltaic plant
with a peak capacity of 300 MW in the municipality of Talaván,
Cáceres, Spain (the "Talasol
Project"), is discussing the possibility to receive financing
from the European Investment Bank ("EIB").
EIB is the European Union's bank and the world's largest
multilateral borrower and lender, providing finance and expertise
for sustainable investment projects that contribute to EU policy
objectives. As part of Talasol's process with EIB, EIB is required
under its transparency policy to optimize EIB's accountability in
line with relevant EU legislation and "best practice" among EU
Institutions and International Financing Institutions. In
connection with this transparency policy, EIB provides advance
information of the pipeline of projects that it is appraising or
negotiating, by publishing on its website short summaries of those
projects. EIB also publishes on its Public Register of
Environmental documents such as its Environmental and Social Data
Sheets (ESDS), which summarises the Bank's environmental and social
appraisal of its projects. This information will be published by
EIB in connection with the Talasol Project.
In addition, the Company entered into a Mandated Lead Arranger
Mandate Letter with Deutsche Bank AG ("DB") whereby DB will
act as the sole mandated lead arranger for the structuring of a
non-recourse senior debt financing for the Talasol Project. The
senior debt financing will be backed by a financial hedge of the
electricity price for 10 years and is expected to close in Q4
2018.
The continued development of the Talasol Project is subject
to risks and uncertainties, including with respect to the
occurrence of the conditions subsequent set forth in the Talasol
share purchase agreement, and other conditions that are not
entirely within the control of the Company or Talasol, as they
include the issuance of regulatory approvals and the procurement of
project financing on terms acceptable to Talasol. The Company may,
in its sole discretion, decide not to pursue the Talasol Project in
the event of changes in the market or other
circumstances.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered
with the NYSE American and with the Tel Aviv Stock Exchange under
the trading symbol "ELLO". Since 2009, Ellomay Capital focuses its
business in the renewable energy and power sectors in Europe and Israel.
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, approximately 7.9MW of
photovoltaic power plants in Spain
and a photovoltaic power plant of approximately 9 MW in
Israel;
- 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;
- 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 156 MW pumped storage hydro power plant in
the Manara Cliff, Israel;
- 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V.,
project companies operating or developing anaerobic digestion
plants with a green gas production capacity of approximately 375
Nm3/h, in Goor, the Netherlands
and 475 Nm3/h, in Oude Tonge, the
Netherlands, respectively.
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
the Company's forward-looking statements, including the
availability of financing for the Talasol Project on terms
acceptable to the Company, if any. 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: limors@ellomay.com
SOURCE Ellomay Capital Ltd