Ellomay Capital Ltd. Announces Execution of Definitive Agreements to Acquire 5.6 MWp PV Plants in Spain
Upon Closing the Company will Triple the Company’s Operating Assets in Spain
TEL-AVIV, Israel, July 21, 2014 /PRNewswire/ –
Ellomay Capital Ltd. (NYSE MKT: ELLO; TASE: ELOM) (“Ellomay” or the “Company”) an
emerging operator in the renewable energy and energy infrastructure sector, today
announced the execution of definitive agreements for the purchase of 3 photovoltaic
(solar) plants with approximately 5.6MWp (with nominal output of approximately 5.2MWn) in
the aggregate (the “PV Plants”). The PV Plants are ground mounted fixed technology plants
and are located in Murcia, Spain. The PV Plants are already constructed and operating and
were connected to the Spanish national grid in 2011. The Company previously announced its
entry into a binding Letter of Intent in this regard in May 2014.
The PV Plants will be acquired from a Spanish company (the “Seller”) whose German
parent company has entered into insolvency proceedings. The PV Plants and all associated
assets and rights will be purchased by Ellomay for an aggregate purchase price of Euro 9.5
million (approximately US$13 million), subject to certain purchase price adjustments.
The closing of the transactions is subject to customary closing conditions and is
expected to occur by the end of the third quarter of 2014. Upon closing of the
acquisitions, Ellomay will more than triple the current production capacity of Ellomay’s
existing photovoltaic sites in Spain to approximately 7.9MWp. The PV Plants join the
Company’s thirteen existing photovoltaic sites in Italy and Spain, increasing their
aggregate capacity to more than 30MWp. The Company expects that the annual revenue from
the PV Plants will be approximately Euro 2 million (approximately US$ 2.7 million), and
together with the Company’s entire PV portfolio the annual revenue for 2014 will be
approximately Euro 13.2 million (approximately US$18 million).
Ran Fridrich, CEO of Ellomay noted that “The PV Plants will be acquired at an
attractive price and will contribute to the enhancement and diversification of the
Company’s PV portfolio. Ellomay will continue to seek attractive opportunities in the
energy sector and leverage its excellent capabilities to identify and execute such
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered with the NYSE MKT,
under the trading symbol “ELLO” and with the Tel Aviv Stock Exchange under the trading
symbol “ELOM.” Since 2009, Ellomay Capital focuses its business in the energy and
infrastructure sectors worldwide. Ellomay (formerly Nur Macroprinters Ltd.) previously was
a supplier of wide format and super-wide format digital printing systems and related
products worldwide, and sold this business to Hewlett-Packard Company during 2008 for more
than $100 million.
To date, Ellomay has evaluated numerous opportunities and invested significant funds
in the renewable, clean energy and natural resources industries in Israel, Italy and
- Approx. 22.6MWp of photovoltaic power plants in Italy and 85% of 2.3MW of photovoltaic power plant in Spain; - 7.5% indirect interest, with an option to increase its holdings to 9.375%, in Dorad Energy Ltd. Israel's largest private power plant to date, with production capacity of more than 800MW, representing about 6% of Israel's power capacity.
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. 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, 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. All statements, other than statements of historical facts, included in
this press release regarding our plans and objectives 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. We
may not actually achieve the plans, intentions or expectations disclosed in our
forward-looking statements and you should not place undue reliance on our forward-looking
statements. Various important factors could cause actual results or events to differ
materially from those that may be expressed or implied by our forward-looking statements,
including delays in the closing of the transactions, changes in the regulatory provisions
applicable to the PV Plants and to the Company’s other photovoltaic plants and the
remuneration scheme applicable to them, non-fulfillment of one or more of the conditions
to closing set forth in the definitive agreements and changes in the actual output of the
PV Plants and the other photovoltaic plants owned by the Company. These and other risks
and uncertainties associated with our business are described in greater detail in the
filings we make from time to time with Securities and Exchange Commission, including our
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: firstname.lastname@example.org
SOURCE Ellomay Capital Ltd