Ellomay Capital sold Italian PV Portfolio at an estimated profit of €19 Million
Post date: 22/01/2020 - 09:40
Israeli firm Ellomay Capital Ltd., developer of renewable energy and power projects in Europe and Israel, reported the sale of ten Italian indirect wholly-owned subsidiaries, which own twelve photovoltaic plants with an aggregate nominal capacity of approximately 22.6 MW, and the sale of the receivables arising from shareholder loans provided to such companies. The agreed purchase price was €41 million. The company estimates that it will record a profit of approximately €19 million in connection with the sale of the Italian Subsidiaries and Receivables in its financial results for the fourth quarter of 2019.
The Italian PV portfolio was built during 2010-2013 and is based on a governmental feed-in-tariff. Approximately half of the portfolio was acquired in the ready to build stage and was constructed by EPC contractors. The other half of the portfolio was acquired from German companies. The company will use the proceeds of the sale for the redemption of its Series A Debentures and for investment in new PV projects that are expected to be built in Spain and Italy during 2020.