Ellomay to get EUR 35.9m in loans for Italian, Spanish solar ops

Israeli energy and infrastructure company Ellomay Capital Ltd (TASE:ELLO) has secured EUR 35.9 million (USD 41.9m) in loans to repay the outstanding debt of its Italian business.

The debt will be extended to five of Ellomay’s Italian subsidiaries by Italian lender Intesa Sanpaolo SpA (BIT:ISP), the Israeli firm said last week. According to its website, it owns 12 solar parks in Italy totalling 22.6 MW.

The funds will be allocated to refinance existing debt and leasing agreements worth EUR 13.2 million and for general corporate needs of the Italian companies. The transaction is also seen to leave Ellomay with liquid resources for investment in the 300-MWp Talasol solar project in Talavan, Spain, which it acquired last year. The scheme is currently in “advanced stages towards financial closing,” said CEO Ran Fridrich.

The financing itself will be split into five term-loan facilities of EUR 33.7 million in total and five revolvers of EUR 2.2 million in total. Debt from the two categories matures in May 2028 and November 2027, respectively.

Apart from having solar assets in Italy and Spain, Ellomay also has a 9-MW solar plant in Israel. Additionally, it has interests in the owners of power plants in Israel and the Netherlands involved in anaerobic digestion (AD) and pumped storage hydropower projects.

(EUR 1.0 = USD 1.166)

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