Ellomay Capital Ltd. subsidiary Ellomay Luxembourg Holdings SARL executed a framework agreement with an unnamed European developer for 265 MW of greenfield solar projects in Italy.

Under the agreement, the developer will provide Ellomay with development services in the scope of 350 MW, with an aim to bring at least 265 MW of solar projects to a "ready to build" status over 41 months.

The framework will become effective within 20 days from the day both parties enter certain agreements, Ellomay said in a Dec. 25 news release.

Ellomay Luxembourg also has the option to purchase approximately 37 MW already under development, 30 MW of which has already received the approval for connection to the Italian electricity grid.

Ellomay Luxembourg executed another development framework in November for developing 250 MW of greenfield solar projects.