Renewable energy infrastructure operator Ellomay Capital Ltd., has reached a deal to acquire three PV plants worth a total capacity of 5.6MW.
The three ground-mounted projects – located in Murica, Spain, – have already been constructed and were connected to the Spanish national grid in 2011.
Ellomay purchased the three plants from a Spanish subsidiary whose German parent company entered into insolvency proceedings. All three plants were acquired for approximately US$13 million.
Once the deal is completed, Ellomay will more than triple its PV capacity in Spain to around 7.9MW. Ellomay now has a total capacity of 30MW with 13 plants in both Spain and Italy. Expected revenue generated from the three plants is expected to be around US$2.7 million.
Ran Fridrich, CEO of Ellomay Capital, said: “The PV Plants will be acquired at an attractive price and will contribute to the enhancement and diversification of the Company's PV portfolio. Ellomay will continue to seek attractive opportunities in the energy sector and leverage its excellent capabilities to identify and execute such transactions.”
It is unclear if Spain’s recent set of solar cuts – which will limit the profits of projects to 7.4% before tax – will be levied against these three projects.