Ellomay Capital Ltd. Secures €110 Million Project Finance for Italian Solar Portfolio Development #ItalyFinance

Ellomay Capital’s subsidiary secures up to €110 million financing for solar projects in Italy, enhancing renewable energy capacity.

Quiver AI Summary

Ellomay Capital Ltd. announced that its subsidiary, Ellomay Holdings Luxembourg Sarl, has secured financing agreements with a European institutional investor to fund the construction of its Italian Solar Portfolio, which consists of 198 MW of solar facilities in Italy. This portfolio includes three operational solar plants totaling approximately 38 MW and additional projects at the ready-to-build stage with about 160 MW. The financing, up to €110 million, will be provided through senior secured notes due on December 31, 2047, carrying an interest rate of 4.50% per annum. The financial closing for this project is expected to take place soon. Ellomay Capital focuses on renewable energy investments across Europe, Israel, and the USA, holding a diverse portfolio of solar and energy projects.

Potential Positives

• Ellomay Capital has secured up to €110 million in Project Finance to support the construction of its Italian Solar Portfolio, demonstrating strong backing from a reputable European institutional investor.
• The funding will facilitate the development of a significant renewable energy project, expanding the company’s solar capacity in Italy and contributing to its growth in the renewable energy sector.
• The portfolio includes substantial assets with a total capacity of 198 MW, highlighting Ellomay’s ongoing commitment to renewable energy development in Europe.
• Financial closing of the Project Finance is expected soon, setting a positive timeline for the project’s progression and potential revenue generation.

Potential Negatives

• The press release highlights substantial financial obligation, as the financing agreement involves the issuance of senior secured notes due by December 31, 2047, which may pose risks related to repayment and interest rate fluctuations.
• The company acknowledges significant risks and uncertainties in its forward-looking statements, including potential disruptions due to geopolitical tensions and market conditions that could adversely impact its operations and financial performance.
• There is a need for “important factors” to align for the company to achieve its project financing goals, suggesting underlying vulnerabilities in the execution of their plans.

FAQ

What recent financing agreement did Ellomay Capital announce?

Ellomay Capital announced a financing agreement for its Italian Solar Portfolio, totaling up to €110 million with a European institutional investor.

What is the capacity of Ellomay’s Italian Solar Portfolio?

The Italian Solar Portfolio has an aggregate capacity of 198 MW, which includes both operational and ready-to-build projects.

What are the terms of the financing notes issued by Ellomay?

The financing notes will bear an interest rate of 4.50% per annum and are due on December 31, 2047, with semi-annual payments.

Where does Ellomay Capital operate?

Ellomay Capital develops renewable energy projects in Europe, the USA, and Israel, focusing on solar and other clean energy technologies.

How can I learn more about Ellomay Capital?

For more information, visit Ellomay’s official website at http://www.ellomay.com.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

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Full Release

Tel-Aviv, Israel, March 02, 2025 (GLOBE NEWSWIRE) —

Ellomay


Capital Ltd.


(Nyse American; tase: it) (“


Ellomay


” or the “Company”)

a renewable energy and power generator and developer of renewable energy and power projects in Europe, Israel and the USA, today reported that its wholly-owned subsidiary, Ellomay Holdings Luxembourg Sarl (“

Ellomay


Luxembourg

”), which owns a portfolio of 198 MW solar facilities in Italy, among other assets, that includes operating and “ready to build” projects (the “

Italian


Solar


Portfolio

”), entered into a set of agreements governing the procurement of financing (the “

Project Finance

”) with a reputable European institutional investor (the “

Lender

”), intended to finance the construction and related expenses of the Italian Solar Portfolio. The Italian Solar Portfolio includes three solar facilities, in the aggregate capacity of approximately 38 MW, which are already constructed and connected to the grid, and additional projects with an aggregate capacity of approximately 160 MW that have reached ready-to-build status.

The Project Finance in an amount of up to €110 million will be provided by way of senior secured notes to be issued in multiple tranches during the construction phase by a wholly-owned subsidiary of Ellomay Luxembourg. All notes are due on December 31, 2047 and to be repaid in semi-annual installments. The notes bear interest from and including the issue date to and excluding the maturity date at the rate of 4.50% per annum, to be paid semi-annually in arrears.

The financial closing of the Project Finance is expected to occur in the coming weeks.

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, USA 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, Spain, the Netherlands and Texas, USA, including:

• Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
• 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 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
• 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 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;
• Solar projects in Italy with an aggregate capacity of 285 MW that have reached “ready to build” status; and
• Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of 49 MW that are under construction.

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. 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 the non-fulfillment of any of the conditions to closing set forth in the Project Finance documentation, changes in electricity prices and demand, regulatory changes, increases in interest rates and inflation, 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, the impact of the war and hostilities in Israel and Gaza, the impact of continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. 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:

[email protected]

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