TEL AVIV, Israel, July 15, 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 that it is
one of the winners of a first-in-kind quota tender process
published by the Israeli Electricity Authority (the
"Authority") for combined photovoltaic and electricity
storage facilities in Israel. The
Authority accepted bids in an aggregate quota of 168 MW from
several entities, among them two bids of the Company in an
aggregate quota of 20 MW. The tariff per kWh determined in the
tender process is NIS 0.199. This
tariff is linked to the Israeli CPI and is valid for a period of 23
years commencing on the commercial operation of each relevant
facility.
As noted, the tender process was for a quota and the Company is
currently examining and expects to further examine potential sites
for the construction of the facilities. With respect to each
project, the Company shall be required to obtain approvals, if
applicable, from the Israel Land Authority in connection with the
site for such project, and to take all other actions necessary for
the promotion of such project. Pursuant to the terms of the tender,
the Company is further required to receive approvals for connection
to the electricity grid and a grid synchronization approval from
the Israeli Electric Company within up to 37 months. In addition,
the Company is required to replace the tender guarantee it
previously provided with a performance guarantee in an aggregate
amount of NIS 12 million
(approximately $3.5 million) within 21 business
days.
The continued development and construction of the facilities
depends upon various factors, including, but not limited to, the
Company's ability to locate sites for construction, enter into EPC
agreements and obtain project finance and all other required
approvals, all upon terms acceptable to the Company. Therefore,
there is no assurance as to whether and when such process will be
completed.
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 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