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TEL-AVIV, Israel, June 23, 2020 /PRNewswire/ — Ellomay Basic Ltd. (NYSE American: ELLO) (TASE: ELLO) (“Ellomay” or the “Company”), a renewable activity and ability architect and developer of renewable activity and ability projects in Europe and Israel, today appear the approval by the Israeli Electricity Authority of a codicillary authorization to Ellomay Pumped Accumulator (2014) Ltd. (“Ellomay PS” and the “Conditional License,” respectively). The Codicillary Authorization regulates the architecture of a pumped accumulator bulb in the Manara Cliff with a accommodation of 156MW (the “Manara Cliff Pumped Accumulator Project”). The Aggregation alongside owns 75% (including 6.67% that are captivated by a trustee in assurance for us and added parties) of Ellomay PS.
As appear by the Aggregation in its Annual Report on Form 20-F for the year concluded December 31, 2019, Ellomay PS activated for a new codicillary authorization in February 2020 to alter its above-mentioned codicillary license.
The Codicillary Authorization is accountable to the approval of the Israeli Minister of Activity (the “Minister”) and the acquiescence of a band by Ellomay PS. The Codicillary Authorization includes several altitude antecedent to the alms of the holder of the Codicillary Authorization to accept an electricity assembly license. The Codicillary Authorization is accurate for a aeon of seventy two (72) months basic from the date of its approval by the Minister, accountable to acquiescence by Ellomay PS with the milestones set alternating therein and accountable to the added accoutrement set alternating therein (including a banking closing, the accouterment of guarantees and the architecture of the pumped accumulator hydro ability plant). Based on the accepted adjustment applicative to the Codicillary License, the banking closing is appropriate to action by December 31, 2020.
For added advice apropos the Manara Cliff Pumped Accumulator Project, see Items 3.D. and 4 of the Company’s Annual Report on Form 20-F for the year concluded December 31, 2019, filed with the Securities and Exchange Commission on April 7, 2020.
About Ellomay Basic Ltd.
Ellomay is an Israeli based aggregation whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange beneath the trading attribute “ELLO”. Since 2009, Ellomay Basic focuses its business in the renewable activity and ability sectors in Europe and Israel.
To date, Ellomay has evaluated abundant opportunities and invested cogent funds in the renewable, apple-pie activity and accustomed assets industries in Israel, Italy and Spain, including:
Ellomay Basic is controlled by Mr. Shlomo Nehama, Mr. Hemi Raphael and Mr. Ran Fridrich. Mr. Nehama is one of Israel’s arresting businessmen and the above Chairman of Israel’s arch bank, Coffer Hapohalim, and Messrs. Raphael and Fridrich both accept all-inclusive acquaintance in banking and automated businesses. These authoritative shareholders, forth with Ellomay’s committed able management, accumulated all-encompassing acquaintance in acquainted acceptable business opportunities worldwide. Ellomay believes the ability of Ellomay’s authoritative shareholders and administration enables the Aggregation to admission the basic markets, as able-bodied as accumulate all-around institutional investors and added abeyant partners. As a result, we accept Ellomay is able of because cogent and circuitous transactions, above its absolute banking resources.
For added advice about Ellomay, appointment http://www.ellomay.com.
Information Apropos to Forward-Looking Statements
This columnist absolution contains advanced statements that absorb abundant risks and uncertainties, including statements that are based on the accepted expectations and assumptions of the Company’s management. All statements, added than statements of absolute facts, included in this columnist absolution apropos the Company’s affairs and objectives, expectations and assumptions of administration are advanced statements. The use of assertive words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and agnate expressions are advised to analyze advanced statements aural the acceptation of the Clandestine Securities Litigation Reform Act of 1995. The Aggregation may not absolutely accomplish the plans, intentions or expectations appear in the advanced statements and you should not abode disproportionate assurance on the Company’s advanced statements. Various important factors could account absolute after-effects or contest to alter materially from those that may be bidding or adumbrated by the Company’s advanced statements, including the specific risks apropos to the pumped accumulator project, risks in affiliation with projects beneath development in accepted and the appulse of the COVID-19 communicable on the Company’s operations and projects, including in affiliation with accomplish taken by authorities in countries in which the Aggregation operates, authoritative changes, changes in the accumulation and prices of assets appropriate for the operation of the Company’s accessories (such as decay and accustomed gas) and in the amount of oil, changes in appeal and abstruse and added disruptions in the operations or architecture of the ability plants endemic by the Company. These and added risks and uncertainties associated with the Company’s business are declared in greater detail in the filings the Aggregation makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The advanced statements are fabricated as of this date and the Aggregation does not undertake any obligation to amend any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise.
Contact: Kalia Weintraub CFO Tel: 972 (3) 797-1111 Email: [email protected]
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SOURCE Ellomay Basic Ltd
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