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Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today announced that it reached a significant milestone in its strategic business plan. The Company successfully executed agreements for the engineering, procurement and construction ("EPC") of its first photovoltaic projects in the State of Texas, USA, which provide for the construction of the Fairfield project (held by Fairfield Solar Project, LLC, with a capacity of 13.44 MW) and the Malakoff project (held by Malakoff Solar I, LLC and Malakoff Solar II, with an aggregate capacity of 13.92 MW) in the vicinity of Dallas.
The execution of these agreements marks a significant step in the advancement of the Companys photovoltaic portfolio in Texas, USA. The selected EPC contractor is renowned for its engineering expertise and high-quality construction of photovoltaic plants across the United States and the construction of these projects is expected to be completed within six months. The Company also entered into agreements to procure solar modules from one of the top five, tier 1, manufacturers for the Fairfield and Malakoff projects and for additional US PV projects under development (Mexia and Talco).
"The execution of EPC agreements for the Companys first US photovoltaic projects signifies an important moment for the Companys evolution in the US market. The transition of the Fairfield and Malakoff projects from the greenfield phase to project execution and initial site preparations was completed ahead of our expected schedule, exemplifying the Companys proactive and efficient approach to streamlining the construction timeline. These projects serve as proof of concept for the Companys strategic plan for rapid expansion and value creation and the Companys unwavering commitment to excellence and reliability. We are working tirelessly together with our US partners to achieve our goals and we expect that the Mexia and Talco projects (10.4 MW and 9.7 MW, respectively) will commence construction during the second half of 2024. We foresee significant growth from 2024 onwards. The Company is actively exploring additional opportunities to leverage its expertise in renewable energy, aiming to broaden our project portfolio during 2024 and onwards," remarked Ran Fridrich, CEO and Director of Ellomay Capital. |
