Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, announced that the photovoltaic plant constructed by Ellomay Solar S.L., a wholly-owned subsidiary of the Company ("Ellomay Solar"), in the municipality of Talaván, Cáceres, Spain, with a peak capacity of 28MW, was connected to the electricity grid and electricity production commenced. In parallel, hot commissioning tests have been initiated by the EPC contractor and PAC is currently expected on or about June 24, 2022.
The Ellomay Solar PV facility was constructed without outside financing ("full equity") at a cost of approximately €19 million. The P50 expected annual production of the Ellomay Solar PV facility is approximately 53,000 MW. The Ellomay Solar PV facility is expected to sell its output at market prices, which have significantly increased in recent months in Europe, including in Spain. Based on the current market prices and current projections of market prices, the expected revenues from the sale of electricity by the Ellomay Solar PV facility for the next 18 months is approximately €9.5 million.
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