TEL AVIV, Israel, September 21, 2018 /PRNewswire/ --
Ellomay Capital Ltd. (NYSE: 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 the
project for construction of a photovoltaic plant with a peak
capacity of 300 MW in the municipality of Talaván, Cáceres,
Spain (the "Talasol
Project"), promoted by Talasol Solar S.L. ("Talasol"),
which the Company indirectly wholly owns was approved for financing
under the European Fund for Strategic Investments ("EFSI" or
the "Juncker Plan").
EFSI is an initiative launched jointly by the European
Investment Bank ("EIB"), the European Investment Fund and
the European Commission (together, the "EIB Group").
EFSI is a EUR 26 billion
guarantee from the EU budget, complemented by a EUR 7.5 billion allocation of the EIB's own
capital. The total amount of EUR 33.5
billion aims to unlock additional investment of at least
EUR 500bn by 2020. EFSI is
implemented by the EIB Group and projects supported by it are
subject to usual EIB procedures.
As part of Talasol's process with EIB, EIB is required under its
transparency policy
(http://www.eib.org/infocentre/publications/all/eib-group-transparency-policy.htm)
to publish the EFSI scoreboard of each EFSI project on its
website.
The following is the summary project description as it appears
on the EFSI operation scoreboard:
"The project comprises the financing, under a project finance
scheme, of a solar photovoltaic (PV) plant with a total capacity of
ca. 300 MWP. It also includes its overhead grid connection line of
ca. 24 km in length and a voltage level of 400 kV and the related
transforming substation. The project would be one of the first
greenfield renewable energy projects to be financed in Spain following a wide-sector reform
implemented in 2014 and amongst the first solar PV projects to be
developed on a merchant basis and without any form of government
support. In addition, the project will contribute to the EU Climate
objectives and will help Spain
meet its renewable target of 20% of primary energy generated by
renewable sources by 2020. The project would be a major investment
to be directly implemented by the promoter. The promoter acquired
the project in an advanced development stage, and kept the staff
originally involved in its development. In addition, the promoter
has selected an owner's engineer to assist in the final development
steps, including the tendering process for the Engineering, Procure
and Construct (EPC) contract. An experienced EPC contractor has
been appointed, and technology from reputable suppliers has been
selected - including for PV panels, inverters, single-axis
trackers, main transformers, etc. The project has the highest
possible score in terms of contribution to EU policy, being
eligible within Higher Priority Areas for projects inside the EU,
fully accountable towards Climate Action objectives and located in
a Cohesion region."
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