TEL-AVIV, Israel, June 23, 2020 /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 the
approval by the Israeli Electricity Authority of a conditional
license to Ellomay Pumped Storage (2014) Ltd. ("Ellomay PS"
and the "Conditional License," respectively). The
Conditional License regulates the construction of a pumped storage
plant in the Manara Cliff with a capacity of 156MW (the "Manara
Cliff Pumped Storage Project"). The Company indirectly owns 75%
(including 6.67% that are held by a trustee in trust for us and
other parties) of Ellomay PS.
As published by the Company in its Annual Report on Form 20-F
for the year ended December 31, 2019,
Ellomay PS applied for a new conditional license in February 2020 to replace its prior conditional
license.
The Conditional License is subject to the approval of the
Israeli Minister of Energy (the "Minister") and the
submission of a bond by Ellomay PS. The Conditional License
includes several conditions precedent to the entitlement of the
holder of the Conditional License to receive an electricity
production license. The Conditional License is valid for a period
of seventy two (72) months commencing from the date of its approval
by the Minister, subject to compliance by Ellomay PS with the
milestones set forth therein and subject to the other provisions
set forth therein (including a financial closing, the provision of
guarantees and the construction of the pumped storage hydro power
plant). Based on the current regulation applicable to the
Conditional License, the financial closing is required to occur by
December 31, 2020.
For more information concerning the Manara Cliff Pumped Storage
Project, see Items 3.D. and 4 of the Company's Annual Report on
Form 20-F for the year ended December 31,
2019, filed with the Securities and Exchange Commission on
April 7, 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 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
860MW, 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 Ellomay Pumped Storage (2014) Ltd. (including 6.67% that
are held by a trustee in trust for us and other parties), which is
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" 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 specific
risks relating to the pumped storage project, risks in connection
with projects under development in general and the impact of the
COVID-19 pandemic on the Company's operations and projects,
including in connection with steps taken by authorities in
countries in which the Company operates, regulatory changes,
changes in the supply and prices of resources required for the
operation of the Company's facilities (such as waste and natural
gas) and in the price of oil, changes in demand and technical and
other disruptions in the operations or construction of the power
plants owned by the Company. 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: kaliaw@ellomay.com
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SOURCE Ellomay Capital Ltd