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.