Ellomay Capital, the Israeli renewables developer and power producer, has entered into an agreement to sell a 9-MW operational solar facility in a deal worth up to NIS 48.75 million (USD 13.3 million/EUR 12.2 million).
The acquiring entities, Greenlight Fund Limited Partnership and Doral Group Renewable Energy Resources Ltd (TLV:DORL), are poised to share equal ownership upon the completion of the transaction. The Talmei Yosef Facility, located in southern Israel and connected to the national grid since November 2013, was originally acquired by Ellomay in 2017.
As part of the transaction, Ellomay will retain the rights to two projects under development in the vicinity of the Talmei Yosef Facility. These include a 10-MW solar farm paired with 22 MWh of battery storage and a battery energy storage system (BESS) with a planned capacity of about 400 MWh.
The deal's total value comprises a purchase price of NIS 44.75 million, with an additional amount of up to NIS 4 million contingent on the solar farm's production exceeding 18 million kWh in 2024.
The completion of the transaction is subject to various conditions, including regulatory approvals, the consent of the plant's financing entity, and the resolution of the conflict in southern Israel. Additionally, physical accessibility to the Talmei Yosef Facility is a prerequisite for the deal's finalization. Ellomay's move reflects its strategic realignment in the renewable energy sector, emphasizing ongoing project development alongside divestiture of operational assets.