Ellomay Capital Enters U.S. Solar Photovoltaic Market

Ran Fridrich

Ellomay Capital Ltd., a renewable energy and power generator and developer of renewable energy and power tasks in Europe and Israel, says it has entered right into a joint growth settlement (JDA) for solar photovoltaic tasks in Texas.

The JDA was executed with a venture growth firm skilled within the growth of energy tasks, website acquisition, capital markets and business administration. The JDA offers for the preliminary growth, design, development and finance of two solar PV tasks with an mixture projected DC capability of 23 MW (the primary tasks). The first tasks are in superior levels of growth with estimated capital prices of $25-$27 million. 

The firm’s share of the capital prices of the primary tasks is estimated at roughly $18-$20 million, and the steadiness is meant to be offered by tax fairness sources. The websites for the primary tasks can be leased beneath long-term leases from particular objective corporations managed by the event group.  

One of the primary tasks, with a DC capability of roughly 13 MW, is predicted to attain ready-to-build standing inside six months. The JDA additionally offers for the event of three further solar PV tasks with an mixture capability of roughly 30 MW DC.

The tasks to be developed beneath the JDA can be topic to the ERCOT distributed technology (DG) scheme for tasks of as much as 10 MW AC capability. The relevant electrical energy market is the ERCOT North zone market (ERCOT is the electrical energy regulator of the state of Texas).

Under the DG Scheme, ERCOT permits house owners of technology belongings to promote electrical energy to certified service entities at market charges beneath real-time or day-ahead costs on the native nodes of the tasks and/or designated behind the meter purchasers beneath power buy agreements.

“The execution of the JDA follows a very careful and in-depth analysis of the U.S. solar PV market by the company and fulfills Ellomay’s strategy to enter into the U.S. market in a careful and gradual manner,” says Ran Fridrich, CEO of Ellomay. “Ellomay identified potential partners for the joint development of solar PV projects in the state of Texas with particular focus on sites in the metro Dallas area, a densely populated area experiencing high economic growth and large potential for future growth in electricity demand.”

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