trending Market Intelligence /marketintelligence/en/news-insights/trending/I7E5IAlZRdAqOPBFsbZSRw2 content esgSubNav
In This List

Ellomay to sell 12 Italian solar plants for €41M

Blog

Insight Weekly: Energy crisis cripples Europe; i-bank incomes rise; US holiday sales outlook

Blog

Japan M&A By the Numbers: Q3 2022

Blog

Insight Weekly: Reviving nuclear power; 2023 outlook for US financials; PE funds fuel EV sector

Podcast

Energy Evolution | A skills shortage imperils the global energy transition


Ellomay to sell 12 Italian solar plants for €41M

Ellomay Capital Ltd. agreed to sell 10 indirect Italian subsidiaries to an unnamed buyer.

The 10 subsidiaries own 12 photovoltaic plants with an aggregate nominal capacity of about 22.6 MW.

The deal also includes receivables that will result from the loans that shareholders have provided for these subsidiaries.

The agreed purchase price, with a cutoff date of Dec. 31, 2018, was €41 million. The final price was adjusted in connection with funds received from the subsidiaries during 2019 of about €2.3 million, resulting in a cash purchase price of roughly €38.7 million.

The company estimated a profit of €19 million that will be reflected in its fourth-quarter results. Ellomay said it will put the proceeds from the sale toward the redemption of series A debentures and for investment in new projects in Spain and Italy in 2020.