TEL-AVIV, Israel, March 9, 2021 /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 that
Ellomay Solar S.L.U. ("Ellomay Solar"), which the Company
indirectly wholly owns and which is promoting the construction of a
photovoltaic plant with an installed capacity of 28
MWDC in the municipality of Talaván, Cáceres,
Spain (the "Ellomay Solar
Project"), entered into an engineering, procurement &
construction agreement in connection with the Ellomay Solar Project
(the "EPC Agreement") with METKA EGN Spain S.L.U., a 100%
indirect subsidiary of MYTILINEOS S.A., under the Renewables &
Storage Development Business Unit.
The EPC Agreement provides a fixed and lump-sum amount of €15.32
million for the complete execution and performance of the works
defined in the EPC Agreement. The works include the engineering,
procurement and construction of the Ellomay Solar Project and the
ancillary facilities for injecting power into the grid and
performance of two years of O&M services. The EPC Agreement
includes additional standard provisions, including with respect to
liquidated damages in connection with delays and performance,
performance guarantees, suspension and termination.
METKA EGN Spain is expected to complete the works under the EPC
Agreement within a period of 9 months from receipt of the Notice to
Proceed. The early works commenced on March
1, 2021 and the Notice to Proceed is expected to be provided
during May 2021.
MYTILINEOS' Renewables & Storage Development Business
Unit is an EPC and O&M contractor for the full range of
solar and battery storage applications, ranging from stand-alone
solar parks and battery storage applications to complex hybrid
projects. Its project references include more than
1.5GW of PV projects and 400MW of battery storage in
Europe, Africa, Asia,
Australia and the Americas in addition to the 300MW
photovoltaic plant owned by Talasol Solar S.l. (51% owned by the
Company), for which Metka EGN Spain was the EPC Contractor and
which was connected to the Spanish national grid in December 2020. Metka EGN Spain now serves as
the O&M contractor for such plant.
Ran Fridrich, CEO and a Board member of Ellomay commented: "The
Ellomay Solar Project (28 MW photovoltaic plant in Spain) was initiated by the Company's business
development team in a process that started with locating the land
and obtaining all of the required permits in order to commence
construction within two years from the beginning of the development
process. The Company continues to develop a large number of
additional photovoltaic projects in Spain, Italy,
and Israel. All of these projects
are developed by the Company's business development team, and are
expected to reach "ready to build" status gradually, some in the
near future and others in the more distant future."
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 owns a photovoltaic plant with a peak
capacity of 300MW in the municipality of Talaván, Cáceres,
Spain;
- Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas
Gelderland B.V., project companies operating anaerobic digestion
plants in the Netherlands, with a
green gas production capacity of approximately 3 million, 3.8
million and 9.5 million (with a license to produce 7.5 million) Nm3
per year, respectively;
- 83.333% of Ellomay Pumped Storage (2014) Ltd., which is
involved in a project to construct a 156 MW pumped storage hydro
power plant in the Manara Cliff, Israel.
For more information about Ellomay, visit
http://www.ellomay.com.
About METKA EGN Spain:
METKA EGN Spain S.L.U is a fully owned indirect subsidiary of
MYTILINEOS S.A.. MYTILINEOS S.A. is a leading Greek industry active
in Metallurgy, Power & Gas, Renewables & Storage and
Sustainable Engineering Solutions. Established in Greece in 1990, the company is listed on
the Athens Exchange, has a consolidated turnover of €1.9
billion and employs directly or indirectly more than 3,600
people in Greece and abroad.
For more information, please visit: www.mytilineos.gr | Facebook
| Twitter | YouTube | LinkedIn
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 all of the
risks relating to projects under development, including the
inability to obtain project financing on terms acceptable to the
Company, 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,
including Spain, changes in the
market price of electricity and in demand, 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, 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: hilai@ellomay.com
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SOURCE Ellomay Capital Ltd