Ellomay Capital Announces the Approval of a Conditional License for the Manara Cliff Pumped Storage Project by the Israeli Electricity Authority
Ellomay Capital Ltd. (NYSE: ELLO) today announced the approval by the Israeli Electricity Authority of a conditional license to Ellomay Pumped Storage (2014) Ltd. ("Ellomay PS" and the "Conditional License," respectively).
Benzinga · -
Ellomay Capital Ltd. (NYSE: ELLO) today announced the approval by the Israeli Electricity Authority of a conditional license to Ellomay Pumped Storage (2014) Ltd. ("Ellomay PS" and the "Conditional License," respectively). The Conditional License regulates the construction of a pumped storage plant in the Manara Cliff with a capacity of 156MW (the "Manara Cliff Pumped Storage Project"). The Company indirectly owns 75% (including 6.67% that are held by a trustee in trust for us and other parties) of Ellomay PS. As published by the Company in its Annual Report on Form 20-F for the year ended December 31, 2019, Ellomay PS applied for a new conditional license in February 2020 to replace its prior conditional license. The Conditional License is subject to the approval of the Israeli Minister of Energy (the "Minister") and the submission of a bond by Ellomay PS. The Conditional License includes several conditions precedent to the entitlement of the holder of the Conditional License to receive an electricity production license. The Conditional License is valid for a period of seventy two (72) months commencing from the date of its approval by the Minister, subject to compliance by Ellomay PS with the milestones set forth therein and subject to the other provisions set forth therein (including a financial closing, the provision of guarantees and the construction of the pumped storage hydro power plant). Based on the current regulation applicable to the Conditional License, the financial closing is required to occur by December 31, 2020.