TEL AVIV, Israel, December 20, 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.U., its indirect wholly-owned subsidiary ("Talasol")
entered into a set of agreements governing the procurement of
financing in the aggregate amount of approximately euro 177 million (the "Project
Finance"). The Project Finance is intended to finance
the 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. Fichtner, Talasol's owner engineer, currently expects
that the Talasol photovoltaic plant will generate approximately 561
GWh of electricity a year.
The Project Finance consists of several
facilities from Deutsche Bank AG and from the European Investment
Bank ("EIB") under the Investment Plan for Europe known as the Juncker Plan. For more
information concerning the Project Finance, see a Form 6-K
furnished by the Company to the Securities and Exchange Commission
on December 20, 2018.
The consummation
of the Project Finance is subject to the occurrence of
certain events and circumstances, including the fulfilment of the
conditions to closing, that are not entirely within the
control of the Company or Talasol. There can be no assurance
as to whether or when the conditions to closing will be
satisfied.
In its publication concerning the
Project Finance, EIB noted that: "The municipality of Talaván in
Cáceres will be home to one of Spain's largest solar photovoltaic power
plants, and one of the first in the country to be financed outside
renewable energy auctions. The European Investment Bank (EIB) is
financing this project with a EUR 70m
Juncker Plan loan with the aim of helping to combat climate change.
When it starts operating in 2020, this new plant will prevent the
release of 263,000 tonnes of CO2 into the atmosphere a year by
generating electricity using solar energy."
Ran Fridrich, CEO and a
board member of Ellomay, commented: "The execution of the
financing agreement is a significant accomplishment and one of the
final and major steps forward in the Talasol Project. The Company
is very pleased with the progress achieved so far in line with the
planned schedule. Talasol is a pivotal project for Ellomay as it is
bound to serve as a model for our continued growth in developing,
constructing and operating solar projects in Europe and Israel."
Ori
Rosenzweig, Chief Investment Officer at Ellomay, commented:
"The fact that two major banks, Deutsche Bank and EIB, are
financing the project testifies for its significant success
potential. I believe we have obtained the optimal funding terms
required for the project that will set a new standard for the
future solar energy production in Spain and Europe. The fact that both banks have been
involved in the project from a very early stage had a very positive
impact on the results of the financing package Talasol was able to
obtain today. Talasol could not reach this important milestone,
without the positive support throughout the process from the
Spanish government, local government and the municipality of
Talavan."
EIB Vice-President Emma Navarro said: "This project will help to
increase electricity generation using solar energy, which is
important for meeting European renewable energy goals in
Spain, as well as for promoting
sustainable growth and cutting carbon emissions. We are delighted
to announce our support for this project just few days after the
climate change conference held in Katowice, a great opportunity to show the
world that the EIB is committed to the Paris Agreement and
combating climate change. We will continue working to mobilize
financing for climate action projects and to ensure that all of our
activities are fully in line with the Paris objectives in 2020."
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 changes in the economic market, our ability
to obtain the required funds for the equity contribution and the
fulfillment of other conditions precedent. 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: hilai@ellomay.com
SOURCE Ellomay Capital Ltd