Ellomay Capital secures EUR 18.4m for Spanish solar projects

Solar park in Spain. Author: Som Energia Cooperativa. License: Creative Commons. Attribution 2.0 Generic

March 19 (Renewables Now) - Spanish lender Bankinter SA (BME:BKT) has agreed to provide loans totalling EUR 18.4 million (USD 21m) to local subsidiaries of Israeli renewables company Ellomay Capital Ltd (TASE:ELLO).

More specifically, the Spanish bank will provide financing to the companies responsible for four solar projects. The table below gives more details about the project finance.

Tranche Amount in EUR million Company name
A 3.6 Rodríguez I Parque Solar SLU
B 6 Rodríguez II Parque Solar SLU
C 3 Seguisolar SLU
D 5 Ellomay Spain SLU

There is also one final tranche including a revolving credit line of up to EUR 0.8 million that should attend the debt service if needed.

Under the terms of the agreement, an annual interest is to be repaid semi-annually on June 20 and December 20 at the rate of Euribor 6 months plus a margin of 2%. The project finance will be terminated on December 31, 2037.

(EUR 1.0 = USD 1.136)

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