Israeli renewables developer Ellomay Capital Ltd has finalized an agreement to sell Investment Tax Credits (ITCs) linked to a portfolio of nearly 50 MW of solar projects in Texas.
The deal, signed with a reputable financial institution, is expected to generate approximately USD 19 million in fresh capital, representing about 32% of the anticipated total costs for the portfolio.
The transaction involves Ellomay's 13.4-MW Fairfield, 13.9-MW Malakoff, 11.1-MW Mexia, and 10.5-MW Talco photovoltaic (PV) projects. Upon closing, the company will retain all profits generated from the operation of these plants.
The Fairfield and Malakoff solar parks are scheduled to be operational by the end of 2024, while the Mexia and Talco projects are expected to be commissioned by the end of the second quarter of next year.
CEO Ran Fridrich expressed optimism, stating, “The Company believes that additional projects in the pipeline will be able to follow a similar strategy.”
