Israeli renewables developer and power producer, Ellomay Capital, has finalized a loan agreement supporting a 28-MW solar plant in Spain, while simultaneously completing an asset sale to fund the construction of new solar parks in Italy and the US.
The Tel Aviv-based company disclosed on Tuesday that its wholly-owned subsidiary, Ellomay Solar SL, has successfully secured a 16-year project finance arrangement with Bankinter SA for a senior term loan of EUR 10 million, accompanied by a EUR-500,000 revolving credit line. Through a swap agreement, both facilities carry a fixed annual interest rate of approximately 5.5%.
Concurrently, Ellomay concluded the sale of a 9-MW solar park in Israel to Greenlight Fund Limited Partnership and Doral Group Renewable Energy Resources Ltd. The Talmei Yosef plant was divested for a net amount of NIS 42.6 million (USD 11.2m/EUR 10.6m).
CEO Ran Fridrich highlighted, “The financial closing of the Ellomay Solar project in Spain and the closing of the sale of the Talmei Yosef project increase the Company's cash reserves, which will be used for the acceleration of construction of PV projects in the USA and Italy.”
Fridrich further noted that Ellomay is presently engaged in the installation of 50 MW of photovoltaic (PV) farms in Texas and an additional 40 MW in the Italian region of Lazio, financed without external assistance.
