Ellomay action in US with co-development solar deal in Texas

Mar 27, 2023 11:11 AM ET
  • Israeli renewables programmer and also power manufacturer Ellomay Capital Ltd (TASE: ELLO) has actually set foot on the United States market by authorizing a co-development agreement for 23 MW DC of solar projects in Texas.
Ellomay action in US with co-development solar deal in Texas
Image: Ellomay Capital Ltd

The company, which is currently existing in Europe and its house country, recently said that the contract also offers the advancement of 3 additional photovoltaic (PV) projects amounting to 30 MW DC, as much as the shovel-ready status.

The joint development agreement was secured with an unnamed business experienced in the growth of power projects, site purchase, capital markets and also commercial management. Under the plan, the companions will certainly function to style, construct and also fund the building of 2 solar schemes, which are presently in the innovative stages of growth. Their needed cost is estimated at between USD 25 million (EUR 23.3 m) as well as USD 27 million. Ellomay's share stands at about USD 18 million-20 million, with the balance to be sourced from tax equity investors.

The very first project in the 23-MW bundle will certainly have a capacity of 10 MW DC as well as is anticipated to become ready-to-built within six months. Both plants will have the ability to market their output to qualified solution entities at market rates and under power acquisition agreements (PPAs).

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