Ellomay Capital Ltd. has entered into an agreement to purchase two photovoltaic sites in the Veneto region of Italy. The projects are fully constructed and were connected to the Italian national grid in August 2011 under the applicable feed-in tariff.
Each project is held by an Italian company wholly owned by an unspecified German company that has recently entered into insolvency proceedings.
According to the terms of the deal, Ellomay Capital will purchase all the outstanding shares of the two Italian companies (Soleco SRL and Tecnoenergy SRL), as well as their existing shareholder loans and amounts due to an entity related to the Germany company, in consideration for an aggregate purchase price of approximately 25.5 million euros.
The acquisition of these projects is expected to nearly double the current production capacity of the company's existing photovoltaic sites in Europe to 25 MW.