Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,414.77 6.23 0.04%
S&P 500 1,863.96 -0.89 -0.05%
NASDAQ 4,091.08 -4.43 -0.11%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,512.38 -3.89 -0.03%
TOPIX 1,171.40 -1.97 -0.17%
HANG SENG 22,760.24 64.23 0.28%

Ellomay Capital Announces the Successful Connection of the Dorad Power Plant to the Israeli National Grid



 Ellomay Capital Announces the Successful Connection of the Dorad Power Plant
                         to the Israeli National Grid

PR Newswire

TEL-AVIV, Israel, August 1, 2013

TEL-AVIV, Israel, August 1, 2013 /PRNewswire/ --

Ellomay Capital Ltd. (NYSE MKT: ELLO) ("Ellomay" or the "Company") announced
today that it received a notice from Dorad Energy Ltd. ("Dorad"), in which it
indirectly holds 7.5% (with an option to increase such holdings to 9.375%),
that the 400KV GIS substation serving the power plant constructed by Dorad has
been energized and connected to the Israeli national grid. Based on the notice
received from Dorad, the first six gas turbines (each with a 48 MW
capacity) are expected to be commissioned in simple cycle during the next few
weeks, with all twelve gas turbines planned to be fired by the end of August
2013 and commissioning of the heat recovery boilers and the steam turbines
will take place from September 2013 through November 2013, with acceptance
tests for the entire combined-cycle Dorad power plant currently scheduled to
take place in December 2013.  Pursuant to the notice received from Dorad, the
Dorad power plant is currently expected to start commercial operation and
production of power at its full capacity of approximately 800 MW in January
2014.

About Ellomay Capital

Ellomay is an Israeli public company whose shares are listed on the NYSE MKT
stock exchange, which focuses its business in the energy and infrastructure
sectors worldwide and is chaired by Mr. Shlomo Nehama, former Chairman of Bank
Hapoalim, and controlled by Mr. Nehama and Kanir Joint Investments (2005)
Limited Partnership, which is controlled by Mr. Ran Fridrich and Mr. Hemi
Raphael.

Ellomay's main assets include twelve photovoltaic plants in Italy with an
aggregate capacity of approximately 22.8 MWp (six in the Puglia Region, four
in the Marche Region and two in the Veneto Region), 85% ownership of a
photovoltaic plant in Spain with a capacity of approximately 2.3 MWp, and 7.5%
indirect holdings in Dorad (with an option to increase such holdings to
9.375%), Israel's largest private power plant, which is in the final stages of
construction and is expected to have an aggregate capacity of approximately
800MW (representing approximately 8% of Israel's current electricity
consumption).

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve
substantial risks and uncertainties. All statements, other than statements of
historical facts, included in this press release regarding the Company's plans
and objectives of management are forward-looking statements.  The use of
certain words, including the words "estimate," "project," "intend," "expect,"
"scheduled," "believe" and similar expressions are intended to identify
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995.  The Company may not actually achieve the
plans, intentions or expectations disclosed in the Company's forward-looking
statements and you should not place undue reliance on the Company's
forward-looking statements. Various important factors could cause actual
results or events to differ materially from those that may be expressed or
implied by the Company's forward-looking statements, including delays in
construction, technical difficulties and general security conditions in
Israel. These and other risks and uncertainties associated with the Company's
business are described in greater detail in the filings the Company makes from
time to time with Securities and Exchange Commission, including the Company's
Annual Report on Form 20-F. The forward-looking statements are made as of this
date and the Company does not undertake any obligation to update any
forward-looking statements, whether as a result of new information, future
events or otherwise.

Contact:
Kalia Weintraub
CFO
Tel: +972-(3)797-1111
Email: anatb@ellomay.com

SOURCE Ellomay Capital Ltd
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement