TEL-AVIV, Israel, April 26, 2015 /PRNewswire/ -- Ellomay
Capital Ltd. (NYSE MKT: ELLO; TASE: ELOM) ("Ellomay" or the
"Company"), an emerging operator in the renewable energy and
energy infrastructure sector, today reported that it provided a
notice of exercise of its option to acquire an additional 9% of the
share capital of U. Dori Energy Infrastructures Ltd. (the
"Option" and "Dori Energy," respectively), which
currently holds 18.75% of Dorad Energy Ltd. ("Dorad").
Following the exercise of the Option, the Company's holdings in
Dori Energy will increase from 40% to 49% and the Company's
indirect ownership of Dorad will increase from 7.5% to
approximately 9.2%.
The aggregate amount that will be paid by the Company in
connection with the exercise of the Option is expected to be
approximately NIS 28.1 million
(approximately $7.1 million) and
includes the exercise price and the amount required in order to
realign the shareholders loans provided to Dori Energy by its
shareholders with the new ownership structure. The Option is one of
two options held by the Company in connection with its holdings in
Dori Energy and was due to expire on May 19,
2015. The second option covers an additional 1% of Dori
Energy's outstanding shares (i.e., an increase of the Company's
holdings in Dori Energy to 50% and indirect holdings in Dorad to
9.375%) and is in effect until May 19,
2016. The Company holds its interests in Dori Energy through
Ellomay Clean Energy Limited Partnership, an Israeli limited
partnership whose general partner is a wholly-owned subsidiary of
the Company and whose sole limited partner is the Company. The
closing of the exercise of the Option is expected to take place
during the upcoming weeks.
"As part of our policy of entry into certain projects, such as
the pumped storage field, in the development stage, along with to
the ongoing enhancement of our profit-yielding assets portfolio, we
are reporting the exercise of an option to increase our indirect
holdings in Dorad. We made the initial investment in Dorad during
the early phases of the project with reduced exposure to risk, and
combined it with the ability to increase our holdings following
commercial operation of the plant when the risk levels are lower.
We are very pleased with the commercial activation of Dorad and
with the operation and financial results of Dorad in the months
since the commencement of operations" commented Mr. Ran Fridrich,
CEO and a board member of the Company. Mr. Fridrich continued: "We
are acting to enhance our portfolio of assets while minimizing risk
at earlier stages and increasing the returns at more advance
stages. We expect to continue to invest in long-term projects such
as Dorad, as we have recently done in connection with the pumped
storage project in the Manara Cliff, Israel. We continue to examine new
opportunities and as of December 31,
2014 held cash and liquid assets in the amount of
approximately $24 million."
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered
with the NYSE MKT, under the trading symbol "ELLO" and with the Tel
Aviv Stock Exchange under the trading symbol "ELOM." Since
2009, Ellomay Capital focuses its business in the energy and
infrastructure sectors worldwide. Ellomay (formerly Nur
Macroprinters Ltd.) previously was a supplier of wide format and
super-wide format digital printing systems and related products
worldwide, and sold this business to Hewlett-Packard Company during
2008 for more than $100 million.
To date, Ellomay has evaluated numerous opportunities and
invested significant funds in the renewable, clean energy and
natural resources industries in Israel, Italy
and Spain, including:
- Approximately 22.6MW of photovoltaic power plants in
Italy, approximately 5.6MW of
photovoltaic power plants in Spain
and 85% of approximately 2.3MW of photovoltaic power plant in
Spain; and
- 7.5% indirect interest, with an option to increase its holdings
to 9.375%, in Dorad Energy Ltd., which owns and operates
Israel's largest private power
plant with production capacity of approximately 850 MW,
representing about 6%-8% of Israel's total current electricity
consumption.
Ellomay Capital is controlled by Mr. Shlomo Nehama, Mr. Hemi
Raphael and Mr. Ran Fridrich.
Mr. Nehama is one of Israel's
prominent businessmen and the former Chairman of Israel's leading bank, Bank Hapohalim, and
Messrs. Raphael and Fridrich both have vast experience in financial
and industrial businesses. These controlling shareholders, along
with Ellomay's dedicated professional management, accumulated
extensive experience in recognizing suitable business opportunities
worldwide. The expertise of Ellomay's controlling shareholders
and management enables the company to access the capital markets,
as well as assemble global institutional investors and other
potential partners. As a result, we believe Ellomay is capable
of considering significant and complex transactions, beyond its
immediate financial resources.
For more information about Ellomay, visit
http://www.ellomay.com.
Information Relating to Forward-Looking
Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties, including statements
that are based on the current expectations and assumptions of the
Company's management. All statements, other than statements of
historical facts, included in this press release regarding the
Company's plans and objectives, expectations and assumptions of
management are forward-looking statements. The use of certain
words, including the words "estimate," "project," "intend,"
"expect," "believe" and similar expressions are intended to
identify forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The Company
may not actually achieve the plans, intentions or expectations
disclosed in the forward-looking statements and you should not
place undue reliance on the Company's forward-looking statements.
Various important factors could cause actual results or events to
differ materially from those that may be expressed or implied by
our forward-looking statements, such as regulatory changes and
limitations. These and other risks and uncertainties associated
with the Company's business are described in greater detail in the
filings the Company makes from time to time with Securities and
Exchange Commission, including its Annual Report on Form 20-F. The
forward-looking statements are made as of this date and the Company
does not undertake any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Contact:
Kalia Weintraub
CFO
Tel: +972 (3) 797-1111
Email: anatb@ellomay.com
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SOURCE Ellomay Capital Ltd.