Ellomay announces execution of framework agreement for the development of photovoltaic projects in an aggregate capacity of 250 mw in italy
Ellomay capital ltd. announced the execution of a framework agreement between its wholly-owned subsidiary, ellomay luxemburg holdings s.Àr.l. and an established and experienced european developer and contractor. pursuant to the framework agreement, the developer will scout and develop photovoltaic greenfield projects in italy with the aim of reaching an aggregate authorized capacity of at least 250 mw over a three-year period. the developer is currently in various advanced development stages of projects in an aggregate capacity of approximately 100 mw. it is currently estimated by the developer that projects with an aggregate capacity of approximately 70 mw will achieve "ready to build" status by the end of 2020. the framework agreement provides that each project will be presented to ellomay luxemburg when it becomes "ready to build". thereafter, if ellomay luxemburg accepts the project, the developer is obligated to transfer to ellomay luxemburg 100% of the share capital of the entity that holds the rights to the project. with respect to each project, subject to the conditions set in the framework agreement, ellomay luxemburg will enter into engineering, procurement and construction ("epc") and operation and maintenance ("o&m") contracts with the developer to construct and operate the projects. the framework agreement provides that when the first project under the framework agreement achieves the positive environmental impact assessment, the parties will negotiate the terms of a model lump-sum, turnkey epc contract and o&m contract, which will be executed with the developer in connection with all projects acquired under the framework agreement. in connection with the execution of the framework agreement, ellomay luxemburg paid the developer an advance payment in an amount that is not material to the company, based on the target aggregate project capacity of 250 mw, and undertook to pay an additional advance payment per each project when the project submits its environmental impact assessment application. in the event the target aggregate capacity is not achieved within a three-year period or in the event a project does not reach "ready to build" status, the advance payment will be proportionately refunded.
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