TEL-AVIV, Israel, March 5,
2024 /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, USA
and Israel, today announced that it reached a significant
milestone in its strategic business plan. The Company successfully
executed agreements for the engineering, procurement and
construction ("EPC") of its first photovoltaic projects in
the State of Texas, USA, which
provide for the construction of the Fairfield project (held by Fairfield Solar
Project, LLC, with a capacity of 13.44 MW) and the Malakoff project (held by Malakoff Solar
I, LLC and Malakoff Solar II, with an aggregate capacity of 13.92
MW) in the vicinity of Dallas.
The execution of these agreements marks a significant step in
the advancement of the Company's photovoltaic portfolio in
Texas, USA. The
selected EPC contractor is renowned for its engineering expertise
and high-quality construction of photovoltaic plants across
the United States and the
construction of these projects is expected to be completed within
six months. The Company also entered into agreements
to procure solar modules from one of the top five, tier 1,
manufacturers for the Fairfield
and Malakoff projects and for
additional US PV projects under development (Mexia and Talco).
"The execution of EPC agreements for the Company's first US
photovoltaic projects signifies an important moment for the
Company's evolution in the US market. The transition of the
Fairfield and Malakoff projects from the greenfield phase to
project execution and initial site preparations was completed ahead
of our expected schedule, exemplifying the Company's proactive and
efficient approach to streamlining the construction timeline. These
projects serve as proof of concept for the Company's strategic plan
for rapid expansion and value creation and the Company's unwavering
commitment to excellence and reliability. We are working tirelessly
together with our US partners to achieve our goals and we expect
that the Mexia and Talco projects (10.4 MW and 9.7 MW,
respectively) will commence construction during the second half of
2024. We foresee significant growth from 2024 onwards. The Company
is actively exploring additional opportunities to leverage its
expertise in renewable energy, aiming to broaden our project
portfolio during 2024 and onwards," remarked Ran Fridrich, CEO and
Director of Ellomay Capital.
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 35.9 MW 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 850MW, 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 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;
- Ellomay Solar Italy One SRL and Ellomay Solar Italy Two SRL
that are constructing photovoltaic plants with installed capacity
of 14.8 MW and 4.95 MW, respectively, in the Lazio Region,
Italy;
- Ellomay Solar Italy Four SRL, Ellomay Solar Italy Five SRL,
Ellomay Solar Italy Seven SRL, Ellomay Solar Italy Nine SRL and
Ellomay Solar Italy Ten SRL that are developing photovoltaic
projects with installed capacity of 15.06 MW, 87.2 MW, 54.77 MW, 8
MW and 18 MW, respectively, in Italy that have reached "ready to build"
status; and
- Fairfield Solar Project, LLC, Malakoff Solar I, LLC,
Malakoff Solar II, LLC, Mexia I Solar, LLC, Mexia II Solar, LLC,
and Talco Solar, LLC, that are developing photovoltaic projects
with installed capacity of 13.44 MW, 6.96 MW, 6.96 MW, 5.2 MW, 5.2
MW and 9.7 MW respectively, in the Dallas Metropolitan area, Texas, and have reached "ready to build"
status.
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 delays in
the commencement, performance and completion of construction of the
projects, shortage of equipment required for the construction of
the projects, delays in the advancement and execution of EPC
agreements in connection with other projects, the impact of the war
and hostilities in Israel and
Gaza, 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 and in the
price of oil, the impact of the 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 the United States, Israel, Spain
and Italy. 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-launch-of-its-first-photovoltaic-projects-in-texas-302079929.html
SOURCE Ellomay Capital Ltd.