Ellomay Capital Reaches Key Financing Step for Solar Projects
Ellomay Capital Achieves Significant Milestone for Solar Projects
Ellomay Capital Ltd. (NYSE American; TASE: ELLO), a leading player in renewable energy development, has made a notable stride towards financing its extensive 198 MW solar portfolio located in Italy. This significant development comes from its fully-owned subsidiary, Ellomay Holdings Luxembourg Sarl, which manages the growing portfolio that includes operational projects, those under construction, and several ready-to-build initiatives.
Details of the Commitment Letter
The recent achievement centers around a commitment letter and term sheet established with a prominent European institutional investor. This agreement details the projected finance amount of up to €110 million, aimed at supporting the expansion and construction expenses of the solar portfolio.
Financial Structure and Terms
Under the terms of this agreement, Ellomay Luxembourg is set to receive a non-recourse merchant loan in the form of senior secured notes. These funds will be disbursed in stages, with the final repayment extending up to 23 years post-financial closing. Such a structure is designed to ensure that the financial aspects align with the strategic objectives of expanding renewable energy capabilities in the region.
Conditions and Due Diligence
It is important to note that the lender's commitments hinge on the completion of comprehensive project finance documentation, which is required no later than the end of the year. There are also stipulations surrounding satisfactory due diligence, which remain crucial for the progression of this financing deal.
About Ellomay Capital Ltd.
Ellomay Capital remains at the forefront of renewable energy, cultivating its presence in Europe, the USA, and Israel since its inception in 2009. With its shares listed on the NYSE American and the Tel Aviv Stock Exchange, the company has consistently invested in clean energy and has explored various significant opportunities across numerous countries.
Current Renewable Energy Investments
Among its diverse investments, Ellomay has developed around 335.9 MW of operational photovoltaic plants in Spain, including a significant 300 MW facility predominantly owned by them. Additionally, they have a substantial indirect stake in one of Israel’s largest private power plants and project companies focused on anaerobic digestion in the Netherlands.
Expanding Presence in Italy and Beyond
Ellomay is actively working on numerous photovoltaic projects across Italy, including those that have reached the ready-to-build stage, showcasing their dedication to enhancing renewable energy access. Their projects include several photovoltaic plants in the Dallas Metropolitan area, Texas, demonstrating a healthy diversified investment strategy.
Contact Information for Further Inquiries
For those interested in learning more about Ellomay Capital, additional information can be found through their official channels. Contact Kalia Rubenbach, CFO, at +972 (3) 797-1111 or via email at hilai@ellomay.com.
Frequently Asked Questions
What is the significance of the commitment letter announced by Ellomay Capital?
The commitment letter outlines financing terms that will support the construction and operational costs of Ellomay's solar portfolio in Italy.
How much funding is Ellomay Capital securing for its solar projects?
Ellomay Capital is seeking up to €110 million to finance its 198 MW solar portfolio in Italy.
What conditions must be met for the financing to proceed?
The financing is contingent upon completing necessary project documentation and successful due diligence by the lender before the end of the year.
Where can I find more information about Ellomay Capital?
More information can be accessed via their official website, where you can learn about their ongoing projects and investments in renewable energy.
Is Ellomay Capital involved in projects outside of Italy?
Yes, Ellomay Capital has significant investments in Spain, Israel, and the USA, focusing on various renewable energy projects across these regions.
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