Ellomay Capital Secures €110 Million for Italian Solar Portfolio Financing
Ellomay Capital Ltd. has announced that its subsidiary, Ellomay Holdings Luxembourg Sarl, has finalized financing agreements with a European institutional investor. This funding aims to support the construction of its Italian Solar Portfolio, which boasts a total capacity of 198 MW. This portfolio includes three operational solar plants, which together produce approximately 38 MW, along with ready-to-build projects totaling around 160 MW. The financing amounts to up to €110 million, delivered via senior secured notes set to mature on December 31, 2047, with an interest rate of 4.50% per annum. Financial closure for this project is anticipated to occur shortly. Ellomay Capital primarily invests in renewable energy projects throughout Europe, Israel, and the United States and maintains a varied portfolio of solar and energy initiatives.
Potential Advantages
- Securing up to €110 million in financing for the Italian Solar Portfolio reflects strong support from a well-established European institutional investor.
- This funding contributes to developing a substantial renewable energy initiative, enhancing the company’s solar capacity in Italy and furthering its growth in the renewable energy sector.
- The portfolio’s considerable assets, with a combined capacity of 198 MW, emphasize Ellomay’s ongoing dedication to renewable energy development in Europe.
- With financial closure expected soon, the project is on a positive timeline for advancement and potential revenue generation.
Potential Risks
- The financing agreement introduces meaningful financial obligations, as it involves issuing senior secured notes that are due by December 31, 2047. This scenario may expose the company to risks associated with repayment and fluctuations in interest rates.
- Ellomay has acknowledged various risks and uncertainties in its forward-looking statements, including potential disruptions from geopolitical tensions and market conditions that could negatively influence operations and financial results.
- The company recognizes the necessity for “important factors” to align in order to achieve its project financing objectives, suggesting inherent vulnerabilities in executing these plans.
Frequently Asked Questions
What recent financing agreement did Ellomay Capital announce?
Ellomay Capital disclosed a financing agreement for its Italian Solar Portfolio, amounting to up to €110 million with a European institutional investor.
What is the capacity of Ellomay’s Italian Solar Portfolio?
The Italian Solar Portfolio’s total aggregate capacity is 198 MW, encompassing both operational and ready-to-build projects.
What are the terms of the financing notes issued by Ellomay?
The financing notes will carry an interest rate of 4.50% per annum and are due on December 31, 2047, with semi-annual payments required.
Where does Ellomay Capital operate?
Ellomay Capital focuses on renewable energy projects in Europe, the USA, and Israel, concentrating on solar and other clean energy technologies.
How can I learn more about Ellomay Capital?
For further information, please 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. Read the full release here.
$ELLO Hedge Fund Activity
Recent activity shows that three institutional investors have increased their shares in $ELLO, while three others have reduced their positions during the latest quarter.
Here are some notable changes:
- CLAL INSURANCE ENTERPRISES HOLDINGS LTD decreased its holdings by 56,115 shares (-3.5%) in Q4 2024, for an estimated $911,868.
- UBS GROUP AG increased its shares by 3,501 (+inf%) in Q4 2024, with an estimated value of $56,891.
- Y.D. MORE INVESTMENTS LTD cut its position by 2,555 shares (-13.6%) in Q4 2024, equating to approximately $41,518.
- JPMORGAN CHASE & CO added 2,303 shares (+161.6%) in Q4 2024, valued at about $37,423.
- PHOENIX FINANCIAL LTD. removed 1,523 shares (-0.5%) in Q4 2024, a reduction worth $24,748.
- MORGAN STANLEY acquired 1,000 shares (+inf%) in Q4 2024, amounting to around $16,250.
- YELIN LAPIDOT HOLDINGS MANAGEMENT LTD maintained its position with 0 shares (+0.0%) in Q4 2024, valued at $0.
To stay updated on hedge fund movements regarding Stock, visit Quiver Quantitative’s institutional holdings dashboard.
Full Release
Tel-Aviv, Israel, March 02, 2025 (GLOBE NEWSWIRE) —
Ellomay
Capital Ltd.
(NYSE American; TASE: ELLO) (“
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 has focused its business on the renewable energy and power sectors in Europe, the USA, and Israel.
Ellomay’s Significant Investments in Renewable Energy Across Multiple Regions
To date, Ellomay has thoroughly evaluated a variety of opportunities and invested substantial funds in the renewable energy and natural resources sectors in Israel, Italy, Spain, the Netherlands, and Texas, USA. The company’s investments include:
- Approximately 335.9 MW of operational solar power plants in Spain, which includes a 300 MW facility owned by Talasol, in which the Company holds a 51% stake. Additionally, Ellomay has around 38 MW of operational solar power in Italy.
- An indirect interest of 9.375% in Dorad Energy Ltd. This company operates one of Israel’s largest private power plants, which has a production capacity of around 850 MW, accounting for roughly 6% to 8% of the nation’s overall electricity consumption.
- Investments in Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V., and Groen Gas Gelderland B.V., project companies managing anaerobic digestion plants in the Netherlands, with production capacities of approximately 3 million, 3.8 million, and 9.5 million Nm3 of green gas per year, respectively.
- Ownership of 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in constructing a 156 MW pumped storage hydro power plant at the Manara Cliff in Israel.
- Solar projects in Italy with a total capacity of 285 MW that have achieved “ready to build” status.
- Active solar projects in the Dallas Metropolitan area, Texas, USA, with an aggregate capacity of 49 MW that are currently under construction.
For more information about Ellomay, visit
http://www.ellomay.com
.
Important Information on Forward-Looking Statements
This press release contains forward-looking statements that entail considerable risks and uncertainties. These statements stem from the current expectations and assumptions of the Company’s management. All non-historical statements within this release regarding the Company’s plans, objectives, expectations, and management assumptions are classified as forward-looking. Terms like “estimate,” “project,” “intend,” “expect,” “believe,” and similar expressions serve to indicate these forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. The Company may not fulfill the plans and expectations outlined in these statements. It is advisable not to unduly rely on them, as many factors could cause actual results or outcomes to diverge significantly from those anticipated. Key risk factors include potential shortfalls in conditions required for closing in Project Finance documentation, fluctuations in electricity prices and demand, regulatory changes, rising interest rates and inflation, variations in resource supply and costs, geopolitical tensions such as the ongoing conflict in Israel and Gaza as well as the Russia-Ukraine situation, along with operational disruptions related to the Company’s power plants. Additional risk factors are detailed in the Company’s filings with the Securities and Exchange Commission, notably in its Annual report on Form 20-F. These forward-looking statements are current as of this date, and the Company does not commit to revising them based on new information or future events.
Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email:
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