Ellomay Capital to invest EUR 7m in two PV plants in Italy

(ADPnews) - Sep 20, 2010 - Israel-based Ellomay Capital Ltd (OTC:EMYCF) announced last Thursday that it will roll out two photovoltaic (PV) systems of 1 MWp each in Italy at the cost of EUR 6.9 million (USD 9m).

The company has inked two engineering, procurement and construction (EPC) deals with Italian contractor, which is required to procure delivery of the fully-operational PV installations, including their connection to the national grid.

The related projects will spring up in the province of Foggia, central Italy, by the end of 2010. They will join Ellomay's four existing solar plants under construction in the country.

In addition, Ellomay Capital said further that it had reached agreements with an Italian company contemplating the purchase of PV plants of up to 1.25 MW, to be located in the Puglia region. Under the deals, the firm undertook to purchase two Italian companies which are in the process of construction of the Puglia plants, and it will transfer a deposit in the aggregate amount of EUR 910,000 upon execution. The closing of the deal is subject to the completion of a legal, technical and tax due diligence process.

(EUR 1.0 = USD 1.304)

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