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Ellomay Capital Ltd. Announces the Approval of the Talasol Project for Financing Under the European Fund for Strategic Investments (Juncker Plan)TEL AVIV, Israel, September 21, 2018 /PRNewswire/ -- Ellomay Capital Ltd. (NYSE: 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 project for construction of a photovoltaic plant with a peak capacity of 300 MW in the municipality of Talaván, Cáceres, Spain (the "Talasol Project"), promoted by Talasol Solar S.L. ("Talasol"), which the Company indirectly wholly owns was approved for financing under the European Fund for Strategic Investments ("EFSI" or the "Juncker Plan"). EFSI is an initiative launched jointly by the European Investment Bank ("EIB"), the European Investment Fund and the European Commission (together, the "EIB Group"). EFSI is a EUR 26 billion guarantee from the EU budget, complemented by a EUR 7.5 billion allocation of the EIB's own capital. The total amount of EUR 33.5 billion aims to unlock additional investment of at least EUR 500bn by 2020. EFSI is implemented by the EIB Group and projects supported by it are subject to usual EIB procedures. As part of Talasol's process with EIB, EIB is required under its transparency policy (http://www.eib.org/infocentre/publications/all/eib-group-transparency-policy.htm) to publish the EFSI scoreboard of each EFSI project on its website. The following is the summary project description as it appears on the EFSI operation scoreboard: "The project comprises the financing, under a project finance scheme, of a solar photovoltaic (PV) plant with a total capacity of ca. 300 MWP. It also includes its overhead grid connection line of ca. 24 km in length and a voltage level of 400 kV and the related transforming substation. The project would be one of the first greenfield renewable energy projects to be financed in Spain following a wide-sector reform implemented in 2014 and amongst the first solar PV projects to be developed on a merchant basis and without any form of government support. In addition, the project will contribute to the EU Climate objectives and will help Spain meet its renewable target of 20% of primary energy generated by renewable sources by 2020. The project would be a major investment to be directly implemented by the promoter. The promoter acquired the project in an advanced development stage, and kept the staff originally involved in its development. In addition, the promoter has selected an owner's engineer to assist in the final development steps, including the tendering process for the Engineering, Procure and Construct (EPC) contract. An experieced EPC contractor has been appointed, and technology from reputable suppliers has been selected - including for PV panels, inverters, single-axis trackers, main transformers, etc. The project has the highest possible score in terms of contribution to EU policy, being eligible within Higher Priority Areas for projects inside the EU, fully accountable towards Climate Action objectives and located in a Cohesion region." The continued development of the Talasol Project is subject to risks and uncertainties, including with respect to the occurrence of the conditions subsequent set forth in the Talasol share purchase agreement, and other conditions that are not entirely within the control of the Company or Talasol, as they include the issuance of regulatory approvals and the procurement of project financing on terms acceptable to Talasol. The Company may, in its sole discretion, decide not to pursue the Talasol Project in the event of changes in the market or other circumstances. About Ellomay Capital Ltd. 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:
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 Contact: SOURCE Ellomay Capital Ltd |