Ellomay(US:ELLO) Prnewswire·2024-06-04 09:30Core Viewpoint - Ellomay Capital Ltd. has successfully executed a project finance facility for its solar PV plant in Spain and completed the sale of its Talmei Yosef PV plant in Israel, enhancing its cash reserves for future renewable energy projects [1][8]. Project Finance for Ellomay Solar PV Plant - Ellomay Solar, a wholly-owned subsidiary, secured a project finance arrangement with Bankinter, S.A. for its 28 MW PV plant in Talaván, Spain, which was connected to the grid in June 2022 [2]. - The project finance consists of a €10 million senior term loan and a €500,000 revolving facility, with a term of 16 years and semi-annual repayments [3]. - The financing includes a cash sweep mechanism, potentially reducing the term to approximately 13 years [3]. - The interest rate on the term loan and revolving facility is Euribor 6-month plus 2.5%, with a fixed annual interest rate of approximately 5.5% after a swap agreement [4]. - Mandatory prepayment conditions and covenants are included, such as maintaining a debt service coverage ratio (DSCR) of at least 1.05:1 [5]. - Upon financial closing, Ellomay Solar withdrew €9.7 million from the term loan [6]. Sale of Talmei Yosef PV Plant - The company completed the sale of its 9 MW Talmei Yosef PV plant in Israel to Greenlight Fund Limited Partnership and Doral Group Renewable Energy Resources Ltd., with a net consideration of approximately NIS 42.6 million (about €10.6 million) [7]. Future Plans and Developments - The CEO stated that the financial closing and sale will increase cash reserves, which will be allocated to accelerate the construction of PV projects in the USA and Italy [8]. - Currently, the company is constructing approximately 50 MW of PV in Texas and 40 MW in the Lazio Region, Italy, without external financing [8]. Company Overview - Ellomay Capital Ltd. is an Israeli company focused on renewable energy and power sectors in Europe and Israel, with shares listed on NYSE American and the Tel Aviv Stock Exchange [9]. - The company has invested significantly in renewable energy projects, including approximately 35.9 MW of photovoltaic power plants in Spain and a 4.95 MW plant in Italy [9].