Ellomay Capital Ltd. Announces Execution of EPC Agreement In Connection With A Project To Construct A 28MW Photovoltaic Plant In Spain

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Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company“), a renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel, today announced that Ellomay Solar S.L.U. (“Ellomay Solar“), which the Company indirectly wholly owns and which is promoting the construction of a photovoltaic plant with an installed capacity of 28 MWDC in the municipality of Talaván, Cáceres, Spain (the “Ellomay Solar Project“), entered into an engineering, procurement & construction agreement in connection with the Ellomay Solar Project (the “EPC Agreement“) with METKA EGN Spain S.L.U., a 100% indirect subsidiary of MYTILINEOS S.A., under the Renewables & Storage Development Business Unit.

The EPC Agreement provides a fixed and lump-sum amount of €15.32 million for the complete execution and performance of the works defined in the EPC Agreement. The works include the engineering, procurement and construction of the Ellomay Solar Project and the ancillary facilities for injecting power into the grid and performance of two years of O&M services. The EPC Agreement includes additional standard provisions, including with respect to liquidated damages in connection with delays and performance, performance guarantees, suspension and termination.

METKA EGN Spain is expected to complete the works under the EPC Agreement within a period of 9 months from receipt of the Notice to Proceed. The early works commenced on March 1, 2021 and the Notice to Proceed is expected to be provided during May 2021.

MYTILINEOS’ Renewables & Storage Development Business Unit is an EPC and O&M contractor for the full range of solar and battery storage applications, ranging from stand-alone solar parks and battery storage applications to complex hybrid projects. Its project references include more than 1.5GW of PV projects and 400MW of battery storage in Europe, Africa, Asia, Australia and the Americas in addition to the 300MW photovoltaic plant owned by Talasol Solar S.l. (51% owned by the Company), for which Metka EGN Spain was the EPC Contractor and which was connected to the Spanish national grid in December 2020. Metka EGN Spain now serves as the O&M contractor for such plant.

Ran Fridrich, CEO and a Board member of Ellomay commented: “The Ellomay Solar Project (28 MW photovoltaic plant in Spain) was initiated by the Company’s business development team in a process that started with locating the land and obtaining all of the required permits in order to commence construction within two years from the beginning of the development process. The Company continues to develop a large number of additional photovoltaic projects in Spain, Italy, and Israel. All of these projects are developed by the Company’s business development team and are expected to reach “ready to build” status gradually, some in the near future and others in the more distant future.”

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