Ellomay Capital enters commitment letter for financing of Italian PV portfolio

Ellomay Capital reported that its wholly-owned subsidiary, Ellomay Holdings Luxembourg, which among other assets owns a portfolio of 198 MW solar in Italy that includes operating, under construction and “ready to build” projects achieved an important milestone towards the financing of the Italian PV Portfolio through the entrance of commitment letter and term sheet between Ellomay Luxembourg and a reputable European institutional investor. The Commitment Letter sets forth the terms and conditions of the Project Finance, in an amount of up to EUR 110 million. Subject to the terms and conditions agreed by the Company and the Lender, the Lender is willing to provide Ellomay Luxembourg or its subsidiaries that directly own the Italian PV Portfolio a non-recourse merchant loan by way of senior secured notes, which may be drawn down in several installments, with a final repayment date of 23 years following financial closing. The Project Finance is intended to finance or refinance the construction and related expenses of Italian PV Portfolio.