TEL-AVIV, Israel, Dec. 25, 2019 /PRNewswire/ -- Ellomay
Capital Ltd. (NYSE American; 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
execution of a Framework Agreement between its wholly-owned
subsidiary, Ellomay Luxembourg Holdings S.àr.l. ("Ellomay
Luxembourg"), and an established and experienced European
developer (the "Developer").
Pursuant to the Framework Agreement, the Developer will provide
Ellomay Luxembourg with development services with respect to
photovoltaic greenfield projects in Italy in the scope of 350 MW with the aim of
reaching an aggregate "ready to build" authorized capacity of at
least 265 MW over a forty-one months period. The effectiveness of
the Framework Agreement is subject to the parties reaching an
agreed form of certain agreements that will be attached to the
Framework Agreement within twenty days of its execution.
In addition to the 265 MW mentioned above, Ellomay Luxembourg
has the option to purchase approximately 37 MW that are already
under development by the Developer, 30 MW of which have already
received the approval for connection to the Italian electricity
grid.
The Framework Agreement provides that the Developer will offer
all projects identified during the term of the Framework Agreement
exclusively to Ellomay Luxembourg and that, with respect to each
project acquired by Ellomay Luxembourg, the Developer will be
entitled to provide development services until it reaches the
"ready to build" status. The parties agreed on a development budget
including a monthly development service consideration, to be paid
to the Developer and all other payments for the tasks required to
bring the projects to a ready to build status in an amount that is
not material to the Company. In addition the Company undertook to
pay a success fee to the Developer with respect to each project
that achieves a "ready to build" status.
The advancement and development of projects that will become
part of the Framework Agreement is subject to various conditions,
including receipt of regulatory approvals and authorizations and
procurement of land rights. There can be no assurance as to the
aggregate capacity of projects that will by identified by the
Developer and that will thereafter reach the "ready to build"
status, and as to the Company's decision and success in completing
construction of any of such projects. Any future decision of the
Company with respect to the continued development of projects will
be subject to the relevant circumstances existing at the time such
decision will be made.
Ran Fridrich, CEO of Ellomay noted: "The Framework Agreement
executed by the Company is another tier in the Company's plan to
increase its portfolio of photovoltaic facilities that are based on
greed parity. Today the Company's projects under development are in
an aggregate scope of approximately 550 MW and the Company intends
to increase the scope shortly to approximately 1,000 MW that are
expected to be built over the coming three years. The Company's
deep knowledge and extensive experience in constructing and
operation photovoltaic facilities in Italy and Spain enable it to cooperate with experienced
and reputable developers."
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 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;
- 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;
- 100% 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;
- 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.
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," "will" 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 number of
projects that will be identified by the Developer, the ability to
advance the projects and receive all rights, permits and approvals
required and prevailing market and economic conditions. 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.