TEL AVIV, Israel, May 1, 2019 /PRNewswire/ --
- Following the financial closing, a notice to proceed was
issued to the EPC contractor of the Talasol Project and the
construction period is expected to be 16 months
- The long term loans obtained are in an aggregate amount of
approximately €131 million
- The equity provided by the shareholders of Talasol is €97
million and Ellomay's share in the equity is approximately €49.5
million
- The purchase price for 49% of Talasol's shares reflects a
value for Talasol of approximately €33 million, which reflects a
premium of approximately €12.8 million over Ellomay's expenses in
connection with Talasol and the Talasol Project
Ran Fridrich, CEO and a board member of Ellomay, commented:
"The Company is proud of the many accomplishments achieved thus far
in the entrepreneurial process of the Talasol Project, which
include a first-in-kind PPA that enabled obtaining project finance
in extraordinary interest terms, and of the process of introducing
quality partners to the project in a high premium."
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 the financial closing of the project finance obtained for
the construction of a photovoltaic plant with a peak capacity of
300MW in the municipality of Talaván, in Extramadura Spain (the
"Talasol Project") and the closing of the sale of 49% of its
indirect holdings in the project company, Talasol Solar, S.L.U.
("Talasol"). Following the consummation of these
transactions, Talasol provided the engineering, procurement and
construction contractor of the Talasol Project, METKA EGN Limited,
a notice to proceed with the construction works of the Talasol
Project. The construction period is expected to be 16 months.
The Talasol Project's total CAPEX is expected to be
approximately €228 million, of which an aggregate amount of
approximately €131 million will be provided by a term loan under
the project finance obtained by Talasol from Rabobank, ABN AMRO and Deutsche Bank (commercial tranche)
and the European Investment Bank.
The equity required for the Talasol Project, in the aggregate
amount of approximately €97 million, will be contributed by the
shareholders of Talasol, pro rata to their holdings. The Company's
indirect pro rata share in the equity (approximately €49.5 million)
was financed by direct and indirect funding of Talasol's project
costs in the amount of approximately €44.6 million and with
approximately €4.9 million of the funds received in connection with
the sale of 49% of the holdings in Talasol.
In addition, the sale of an aggregate of 49% of the outstanding
shares of Talasol to GSE 3 UK Limited and Fond-ICO Infraestructuras
II, FICC (24.5%, respectively) by the Company's wholly-owned
subsidiary, Ellomay Luxembourg Holdings, S.à.r.l. ("Ellomay
Luxembourg"), pursuant to a securities purchase agreement
entered into in April 2019 (the
"SPA") was consummated. The purchase price under the SPA was
fixed at €16.1 million, which reflects a value of approximately €33
million for Talasol. As Ellomay's expenses in connection with the
Talasol Project are approximately €21 million (consisting of the
€10 million originally paid for Talasol's shares and expenses in
connection with the promotion of the Talasol Project in the amount
of approximately €10 million), this value reflects a premium of
approximately €12.8 million in the value of Talasol.
For more information concerning the Talasol Project, the SPA and
the new shareholders in Talasol, see Item 4 of the Company's annual
report on Form 20-F and see the Company's immediate report on Form
6-K, submitted to the SEC on March 29,
2019 and April 17, 2019,
respectively.
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 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
850MW, 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 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;
- 51% of Talasol, which is involved in a project to construct a
photovoltaic plant with a peak capacity of 300MW in the
municipality of Talaván, Cáceres, Spain.
Ellomay 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 delays in
construction and unexpected costs. 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
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SOURCE Ellomay Capital Ltd