TEL-AVIV, Israel, June 14,
2022 /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
the photovoltaic plant constructed by Ellomay Solar S.L., a
wholly-owned subsidiary of the Company ("Ellomay Solar"), in
the municipality of Talaván, Cáceres, Spain, with a peak capacity of 28MW, was
connected to the electricity grid and electricity production
commenced. In parallel, hot commissioning tests have been initiated
by the EPC contractor and PAC is currently expected on or about
June 24, 2022.
The Ellomay Solar PV facility was constructed without outside
financing ("full equity") at a cost of approximately €19 million.
The P50 expected annual production of the Ellomay Solar PV facility
is approximately 53,000 MW. The Ellomay Solar PV facility is
expected to sell its output at market prices, which have
significantly increased in recent months in Europe, including in Spain. Based on the current market prices and
current projections of market prices, the expected revenues from
the sale of electricity by the Ellomay Solar PV facility for the
next 18 months is approximately €9.5 million.
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
constructing a 156 MW pumped storage hydro power plant in the
Manara Cliff, Israel.
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 and projected revenues that are based on
current analysis of market prices. 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 changes in the
market price of electricity and in demand, regulatory changes,
including extension of current, or approval of new rules and
regulations limiting the revenues derived by manufacturers of
renewable energy in Spain, 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, changes 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 Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com
View original
content:https://www.prnewswire.com/news-releases/ellomay-capital-announces-the-successful-connection-of-the-ellomay-solar-photovoltaic-plant-to-the-spanish-electricity-grid-301567427.html
SOURCE Ellomay Capital Ltd.