TEL-AVIV, Israel, July 16, 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 its wholly owned
Spanish subsidiary, Talasol Solar S.L. ("Talasol"), executed
a pre-hedge transaction in connection with the prospective project
financing for the construction of a photovoltaic plant with a peak
capacity of approximately 300 MW in the municipality of Talaván,
Cáceres, Spain (the "Talasol
Project").
The pre-hedge transaction is a fixed for floating interest rate
swap intended to lock-in current market floating rates. The
pre-hedge transaction was executed with Goldman Sachs
International.
Talasol is expecting that the Talasol Project's CAPEX will
amount to approximately euro 200-230
million. The Talasol Project is expected to be financed by a
consortium led by Deutsche Bank, which is the mandated lead
arranger, and the European Investment Bank (EIB). The expected
leverage level is in the range of 50-60% of the total investment.
Financial closing is expected before the end of 2018 and
commencement of operations is expected in the first half of
2020.
Ran Fridrich, CEO and a board member of Ellomay commented:
"Talasol is getting near to financial close, and we wanted to make
sure that the potential changes in the interest rates won't have a
material effect on its feasibility."
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 projected
expenses included herein are based on the current expectations and
assumptions of the Company and its advisors and are subject to
various conditions and circumstances, including the negotiations
and final terms of the financing agreement and several other
agreements, some of which have not yet been negotiated, finalized
and executed. Moreover, 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. For more
information concerning these and other risks see below under
"Information Relating to Forward-Looking Statements."
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
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SOURCE Ellomay Capital Ltd