Ellomay plans USD-14.5m private placement

Author: 401(K) 2012 on Flickr, CC BY-SA 2.0

February 3 (Renewables Now) - Israeli renewable power producer Ellomay Capital Ltd (TASE:ELLO) on Thursday announced plans for a private placement that will fetch some ILS 50.05 million (USD 14.5m/EUR 13.1m) in gross proceeds.

The company has received commitments from a couple of “leading Israeli institutional investors” to take part in the private placement, which involves the issuance of a total of 715,000 ordinary shares and warrants to buy an additional 178,750 ordinary shares. The price was set at ILS 70 per share, while the warrants will be exercisable at ILS 80 apiece.

Ellomay said it will use the net proceeds for general corporate purposes. The company is mainly focused on the operation of solar power plants in Italy, Spain and Israel.

The transaction is pending regulatory clearance that should be obtained this month.

(ILS 1.0 = USD 0.290/EUR 0.262)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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