Ellomay Capital achieves financial close for Talasol solar project in Spain

Ellomay Capital has achieved financial close for the 300MW Talasol photovoltaic plant in the municipality of Talaván in Extremadura, west Spain.

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The company has sold 49% of its indirect holdings in the project company Talasol Solar to GSE 3 UK Limited owned by Capital Dynamics, and Fond-ICO Infraestructuras II, FICC (partners).

Under a credit facilities assignment, and sale and purchase of shares agreement, the partners paid approximately €16.1m for 49% of Talasol’s shares and a further 49% of the shareholder development loans.

Ellomay board member and CEO Ran Fridrich said: “The company is proud of the many accomplishments achieved thus far in the entrepreneurial process of the Talasol Project, which include a first-in-kind PPA that enabled obtaining project finance in extraordinary interest terms, and of the process of introducing quality partners to the project in a high premium.”

“The total CAPEX for the Talasol project is expected to be approximately €228m.”

The total capital expenditure (CAPEX) for the Talasol project is expected to be approximately €228m. This includes an equity investment of €97m from Ellomay’s and new shareholders of Talasol.

From the total CAPEX, an aggregate amount of nearly €131m will be provided by a term loan obtained from Rabobank, ABN AMRO and Deutsche Bank and the European Investment Bank.

Following these transaction developments, Talasol project’s engineering, procurement and construction (EPC) contractor METKA EGN received a notice to proceed with construction works.

Construction is expected to be completed in 16 months.