May 2 (Renewables Now) - Israel-based Ellomay Capital Ltd (TASE:ELLO) announced on Wednesday reaching financial close for the 300-MWp Talasol solar project in Spain.
Ellomay has closed the sale of a 49% stake in the project company to a Capital Dynamics vehicle and Fond-ICO Infraestructuras II, FICC, while also obtaining long-term loans in an aggregate amount of about EUR 131 million (USD 147m) from Rabobank, ABN AMRO and Deutsche Bank, as well as the European Investment Bank (EIB).
The total cost of the project is estimated at EUR 228 million and it includes an equity investment of EUR 97 million from Ellomay and the two new shareholders -- GSE 3 UK Limited and FICC, which paid a total of EUR 16.1 million for their combined 49% stake.
Ellomay said in a statement that it has provided engineering, procurement and construction (EPC) contractor, METKA EGN Limited, a notice to proceed with building works. This process is expected to last 16 months.
(EUR 1.0 = USD 1.121)