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Ellomay close to selling 22.6-MW Italian solar portfolio

Solar system in southern Italy. Author: Richard Allaway. License: Creative Commons, Attribution 2.0 Generic.

December 17 (Renewables Now) - Ellomay Capital Ltd (TASE:ELLO) on Monday said it was in advanced talks to sell its Italian solar power portfolio, with a total capacity of around 22.6 MW, to a third party for about EUR 39 million (USD 43m).

The Israel-based renewable power producer said there was no guarantee that it would reach a definitive agreement for the sale of the Italian portfolio. The transaction also requires the approval of third parties, including banks.

Ellomay noted that subject to the completion of the sale, it planned on December 31 an early redemption of its Series A Debentures, due 2023, for a total amount of about ILS 85.8 million (USD 22.3m/EUR 20.3m). The company will also make a principal repayment for ILS 20 million and an interest payment for ILS 2.3 million. After that, the Series A Debentures will no longer be trading on the Tel Aviv Stock Exchange.

(EUR 1.0 = USD 1.1)

(ILS 1.0 = USD 0.26/EUR 0.24)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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