Ellomay Capital Purchases 2 Photovoltaic Sites in Italy for EUR 23.5M

Ellomay Capital

announced the successful closing of the purchase of two photovoltaic (solar) sites (the "PV Sites") in Veneto Region, north Italy. The final purchase price of the PV Sites was adjusted to 23.5 million Euros to reflect payments made to the seller from the companies that own the PV Sites (the "SPVs") since the transaction cut-off date (September 30, 2012). The PV Sites were purchased on a full equity basis, with no external loans at the SPVs level. Immediately prior to the transaction, Ellomay received bank financing of 13.5 million Euros. The two PV Sites are connected to the grid since August 2011 and are entitled to a Feed in Tariff of 23.8 Euro cents per KWh, in addition to the selling price of the electricity, until August 2031. The PV Sites are expected to generate annual revenues, on average, of approximately 4.7 million Euros, and annual unlevered free cash flow, on average, in excess of 3 million Euros. The acquisition of the PV Sites has nearly doubled the production capacity of Ellomay's existing photovoltaic sites in Europe to approximately 25MWp.