TEL-AVIV, Israel, June 19, 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 MWDC in
the municipality of Talaván, Cáceres, Spain (the "Talasol Project"), entered
into an engineering, procurement & construction agreement (the
"EPC Agreement") with METKA EGN Limited ("METKA
EGN"), in connection with the Talasol Project.
METKA EGN is an EPC and O&M contractor for the full range of
solar and storage applications, ranging from stand-alone solar
parks and storage applications to complex hybrid projects. METKA
EGN's project references include more than 950MW of PV projects in
Europe, Asia and the Americas.
The EPC Agreement provides a fixed and lump-sum amount of
euro 192.5 million for the complete
execution and performance of the works defined in the EPC
Agreement. The works include the engineering, procurement and
construction of the Talasol Project and the ancillary facilities
for injecting power into the grid, including a 400 kV step-up
substation, the high voltage interconnection line to the point of
connection to the grid and performance of two years of O&M
services. METKA EGN is expected to complete the works under the EPC
Agreement within a period of 16 months.
The EPC Agreement further provides that in the event the Talasol
Project does not reach financial closing within 14 months, both
parties can terminate the EPC Agreement. The EPC Agreement includes
additional standard provisions, including with respect to
liquidated damages in connection with delays and performance,
performance guarantees, suspension and termination.
Subject to receipt of regulatory approvals and the procurement
of project financing by Talasol, it is currently expected that the
Talasol Project will become operational during the first half of
2020.
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 and
Talasol may, in their sole discretion, decide not to pursue the
Talasol Project in the event of changes in the market or other
circumstances.
Ran Fridrich, CEO and a Board member of Ellomay commented: "This
is a very significant milestone in the advancement of the Talasol
project, which is expected to be one of the largest photovoltaic
projects in Europe and one of the
first projects to work on grid parity, that is, without subsidies.
We strongly believe in the success of this project, due to, among
other reasons, its location, the expected features of the Spanish
solar electricity market, the relatively high radiation in the
Iberian Peninsula and the relatively convenient financing
cost."
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.
About MYTILINEOS Holdings S.A.
MYTILINEOS is a leading Greek industrial company active in
Metallurgy, Power & Gas and EPC & Infrastructure Projects.
Established in Greece in 1990, the
Company is listed on the Athens Exchange, has a consolidated
turnover in excess of €1.5 billion and employs directly or
indirectly more than 2,900 people in Greece and abroad.
For more information about MYTILINEOS, visit
www.mytilineos.gr
About METKA EGN
METKA EGN is a joint venture between MYTILINEOS Holdings S.A.
and the EGNATIA Group, focused on development and construction of
utility scale projects for the global solar power and energy
storage markets. The company serves major international clients
primarily in the markets of Europe, Middle
East, Central Asia and the
Americas.
For more information about METKA EGN, visit:
www.metka-egn.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
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SOURCE Ellomay Capital Ltd