Ellomay Capital Secures Financing Agreement for Italian Solar Portfolio

Ellomay Capital Ltd. reported that its wholly- owned subsidiary, Ellomay Holdings Luxembourg Sarl, which owns a portfolio of 198 MW solar facilities in Italy, among other assets, that includes operating and 'ready to build' projects, entered into a set of agreements governing the procurement of financing (the Project Finance) with a reputable European institutional investor, intended to finance the construction and related expenses of the Italian Solar Portfolio.

The Italian Solar Portfolio includes three solar facilities, in the aggregate capacity of approximately 38 MW, which are already constructed and connected to the grid, and additional projects with an aggregate capacity of approximately 160 MW that have reached ready-to-build status.

The Project Finance in an amount of up to €110 million will be provided by way of senior secured notes to be issued in multiple tranches during the construction phase by a wholly-owned subsidiary of Ellomay Luxembourg.

All notes are due on December 31, 2047 and to be repaid in semi-annual installments. The notes bear interest from and including the issue date to and excluding the maturity date at the rate of 4.50 percent per annum, to be paid semi-annually in arrears.

The financial closing of the Project Finance is expected to occur in the coming weeks.