Ellomay Capital to Develop Two Photovoltaic Plants in Italy

Ellomay Capital Ltd. announced that it has entered into an agreement with an Italian contractor to construct two solar photovoltaic plants (EPC Project) with an approximate capacity of 750KWp each. As per the Engineering Procurement & Construction Contracts, the contractor will be designing, supplying, building and commissioning the plants.

The total cost of the two solar plants is approximately 4.5 million Euros with additional ancillary expenses anticipated to be about 0.2 million Euros. The EPC project calls for the Italian contractor to deliver two operational solar photovoltaic plants including the connection to the national grid in Italy to deliver the power produced from the solar plants.  The Italian national energy handler, GSE, will be purchasing the power produced from the photovoltaic plants.

Connection to the national grid is anticipated to be about 120 days from the date of first payment. The two solar power plants will be maintained and operated by the contractor for an annual fixed amount. The contractor will also receive additional bonus or pay penalty if the output power from the plants is above or below the performance benchmarks. Ellomay Capital intends to secure majority portion of the finance for the EPC project from a financial institution.