Israel-based company Ellomay Capital has entered a share purchase agreement (SPA) through one of its subsidiaries to acquire Talasol Solar.

Under the agreement, Ellomay Capital has purchased the entire share capital of the company, which is promoting construction of a 300MW photovoltaic (PV) plant in Spain.

The solar power facility is expected to have a capital expenditure (CAPEX) of approximately $245m to $278m, including development costs and interest.

Conducted by the technical advisors of Ellomay Capital, the estimation is based on an initial study depending on the terms of the engineering, procurement, and construction (EPC) agreement that will be carried out in connection with the solar project and other factors.

Located in the municipality of Talaván in Cáceres, the project is expected to produce approximately 580GWh of renewable energy each year and generate revenues of around $27.2m annually.

"We received good feedback on the project's location and characteristics."

Ellomay Capital's chief executive officer (CEO) and director Ran Fridrich said: “The Talasol opportunity intrigued us, and we received good feedback on the project's location and characteristics and on the expected future of the Spanish solar market from various market players, such as EPC contractors, utilities, brokers, investment banks, and commercial banks in the Spanish and European markets.

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“The high-radiation in the Spanish peninsula, the significant decline of the panel prices, and the relatively attractive finance costs are expected to allow the Spanish solar market to become an advanced grid parity market.”

As stated by Fridrich, the Talasol solar project is expected to be one of the largest PV projects across Europe and will operate based on long-term power purchase agreements (PPA) with utilities and / or electricity brokers.

The Talasol solar power facility is estimated to be construction ready within a period of ten to 15 months.