Ellomay Capital has entered into two additional Engineering Procurement and Construction Contracts with an Italian contractor, for the design, supply, construction, assembly and commissioning of photovoltaic plants of approximately 750KWp each, to be located in the Marche Region in Italy, at an aggregate cost of approximately 5.6 million Euros (the "EPC Project").
Additional ancillary expenses in connection with the construction period of the EPC Project are expected to amount to approximately 0.15 million Euros.
The EPC Project is to be equipped with tracker technology and join the Company's two existing photovoltaic plants in the Marche Region that are currently under construction.
The EPC Project requires the contractor to procure delivery of two fully operational photovoltaic plants, including the connection of the solar power plants to the Italian national grid, in order to sell the produced power to the Italian national energy handler (GSE).
Time to connection to the national grid is estimated at approximately 150 days from first payment. Thereafter, it is intended that the contractor shall operate and maintain the EPC Project for an annual fee, with an additional bonus or penalty to be paid if the power output is above or below certain performance benchmarks.
It is the Company's intention to finance the majority of the investment in connection with the EPC Project by obtaining financing from a financial institution.
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