Ellomay Capital agrees USD 13m sale of Israeli solar farm

Israeli renewables developer and power producer Ellomay Capital Ltd (TASE:ELLO) said it has reached an agreement to sell a 9-MW operational solar facility at home in a deal valued at up to NIS 48.75 million (USD 13.3m/EUR 12.2m).

The acquirers are Greenlight Fund Limited Partnership and Doral Group Renewable Energy Resources Ltd (TLV:DORL), which are set to have an equal shareholding in the site upon completion.

Located in southern Israel, the Talmei Yosef Facility was connected to the Israeli national grid in November 2013. Ellomay agreed to buy the asset in 2017.

As part of the latest deal, Ellomay is keeping the rights to two projects under development located in the vicinity of the Talmei Yosef Facility -- a 10-MW solar farm coupled with 22 MWh of battery storage, and a battery energy storage system (BESS) with a planned capacity of about 400 MWh.

The value of the deal comprises a purchase price of NIS 44.75 million and up to NIS 4 million more payable if the solar farm achieves more than 18 million kWh during 2024.

The transaction hinges on various conditions, including regulatory approvals and the consent of the financing entity of the plant, as well as the end of the war in southern Israel and the Talmei Yosef Facility being physically accessible.

(ILS 1 = USD 0.274/EUR 0.251)

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