Ellomay Capital Announces the Successful Connection of the Ellomay Solar Photovoltaic Plant to the Spanish Electricity Grid

Rhea-AI Summary

Ellomay Capital Ltd. (NYSE American: ELLO) has successfully connected its 28MW photovoltaic plant in Talaván, Spain to the electricity grid. The facility, built without external financing for approximately €19 million, is expected to produce around 53,000 MWh annually. With rising electricity market prices in Europe, projected revenues for the next 18 months are estimated at €9.5 million. The company continues to expand its renewable energy operations across Europe and Israel, holding various interests in multiple energy projects.

Positive

• Successful connection of a 28MW photovoltaic plant in Spain to the electricity grid.
• Projected revenues of approximately €9.5 million from the new facility over the next 18 months.
• The plant was built without outside financing, showcasing strong capital management.

Negative

• Market price fluctuations may affect future revenue expectations.
• Regulatory changes in Spain could limit revenue from renewable energy sources.

TEL-AVIV, Israel, June 14, 2022 /PRNewswire/ -- Ellomay Capital Ltd.  (NYSE American: ELLO) (TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today announced that the photovoltaic plant constructed by Ellomay Solar S.L., a wholly-owned subsidiary of the Company ("Ellomay Solar"), in the municipality of Talaván, Cáceres, Spain, with a peak capacity of 28MW, was connected to the electricity grid and electricity production commenced. In parallel, hot commissioning tests have been initiated by the EPC contractor and PAC is currently expected on or about June 24, 2022.

The Ellomay Solar PV facility was constructed without outside financing ("full equity") at a cost of approximately €19 million. The P50 expected annual production of the Ellomay Solar PV facility is approximately 53,000 MW. The Ellomay Solar PV facility is expected to sell its output at market prices, which have significantly increased in recent months in Europe, including in Spain. Based on the current market prices and current projections of market prices, the expected revenues from the sale of electricity by the Ellomay Solar PV facility for the next 18 months is approximately €9.5 million.

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 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 and Spain, including:

• Approximately 7.9MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;
• 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 860MW, representing about 6%-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 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 (with a license to produce 7.5 million) Nm3 per year, respectively;
• 83.333% of Ellomay Pumped Storage (2014) Ltd., which is constructing a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel.

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 and projected revenues that are based on current analysis of market prices. 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 changes in the market price of electricity and in demand, regulatory changes, including extension of current, or approval of new rules and regulations limiting the revenues derived by manufacturers of renewable energy in Spain, the impact of the Covid-19 pandemic on the Company's operations and projects, including in connection with steps taken by authorities in countries in which the Company operates, changes in the price of oil, and technical and other disruptions in the operations or construction of the power plants owned by the Company. 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: hilai@ellomay.com

View original content:https://www.prnewswire.com/news-releases/ellomay-capital-announces-the-successful-connection-of-the-ellomay-solar-photovoltaic-plant-to-the-spanish-electricity-grid-301567427.html

SOURCE Ellomay Capital Ltd.

FAQ

What is the capacity of the new photovoltaic plant by Ellomay?

The photovoltaic plant has a peak capacity of 28MW.

When did Ellomay connect its photovoltaic plant to the electricity grid?

The plant was connected on June 14, 2022.

What are the expected revenues from the Ellomay Solar PV facility?

Expected revenues are approximately €9.5 million over the next 18 months.

Where is the new Ellomay photovoltaic plant located?

The plant is located in Talaván, Cáceres, Spain.

How much did it cost to construct the Ellomay Solar PV facility?

The construction cost approximately €19 million.