TEL AVIV, Israel, June 14, 2022 /PRNewswire/ — Ellomay Capital Ltd. (US NYSE:ELLO) (TASE:ELLO) (“Ellomay” or the “Company”)a producer of renewable energy and electricity and developer of renewable energy and electricity projects in Europe and Israel, announced today that the photovoltaic power plant built by Ellomay Solar SL, a wholly owned subsidiary of the Company (“Ellomay Solar“), in the municipality of Talaván, Cáceres, Spain, with a peak capacity of 28 MW, was connected to the electricity grid and power generation began. In parallel, hot commissioning tests have been launched by the EPC contractor and the PAC is currently expected on or around June 24, 2022.
Ellomay Solar’s photovoltaic installation was built without external financing (“equity”) at a cost of around 19 million euros. The expected annual P50 output from Ellomay Solar’s PV plant is approximately 53,000 MW. Ellomay Solar’s photovoltaic facility is expected to sell its output at market prices, which have increased significantly in recent months in Europeincluding in Spain. Based on current market prices and current market price projections, the expected revenue from the sale of electricity by Ellomay Solar’s photovoltaic facility for the next 18 months is approximately $9.5 million. euros.
About Ellomay Capital Ltd.
Ellomay is an Israel-based company whose shares are registered with the NYSE American and the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay Capital has focused its activities in the renewable energy and electricity sectors in Europe and Israel.
To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resource industries in Israel, Italy and Spainincluding:
- Approximately 7.9 MW of photovoltaic power plants in Spain and a photovoltaic plant of about 9 MW at Israel;
- A 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with a generation capacity of around 860 MW, accounting for around 6% to 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 BV, Groen Gas Oude-Tonge BV and Groen Gas Gelderland BV, project companies operating anaerobic digestion plants in the Netherlandswith 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 building a 156 MW pumped storage hydroelectric power station in the Manara cliff, Israel.
For more information about Ellomay, visit http://www.ellomay.com.
Information Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements based on the Company’s management’s current expectations and assumptions and revenue forecasts based on current market price analysis. All statements, other than statements of historical fact, included in this press release regarding the Company’s plans and objectives, and management’s expectations and assumptions are forward-looking statements. The use of certain words, including the words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions, is 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. A variety of 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 demand, regulatory changes, including extending power, or approving new rules and regulations limiting revenues earned by renewable energy manufacturers in Spain, the impact of the Covid-19 pandemic on the Company’s operations and projects, including in relation to the measures taken by the authorities of the countries in which the Company operates, variations in the price of oil and technical disruptions and others in the operation or construction of power plants owned by the Company. These and other risks and uncertainties associated with the Company’s business are more fully described in the Company’s filings from time to time with the Securities and Exchange Commission, including its Annual Report on Form 20- f. Forward-looking statements are made as of this date, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Kalia Rubenbach (Weintraub)
Such. : +972 (3) 797-1111
E-mail: [email protected]
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SOURCEEllomay Capital Ltd.