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Ellomay’s Talasol Solar obtains €175 million credit facility
By Rebecca Melvin
Concord, N.H., Jan. 21 – Ellomay Capital Ltd. subsidiary Talasol Solar SL has closed on a €175 million facilities agreement provided by European institutional lenders, according to an Ellomay press release.
The new financing provides a term loan facility in two tranches, including a €155 million term loan for 22.5 years, and a €20 million term loan for 21 years. The weighted average life of the new financing is about 11.5 years, compared to the weighted average life of Talasol’s original project finance of 5.5 years.
The term loans bear interest at a fixed-rate of about 3%, compared to a variable interest rate that was fixed at an average of about 3% by an interest rate swap contract in the previous arrangement.
Proceeds will be used primarily to repay €121 million outstanding under the previous financing, as well as for fees and expenses and unwinding an interest rate swap entered into in connection with the previous financing in an amount of €3.29 million; transaction costs in an amount of about €3 million; and an expected special dividend to Talasol's shareholders in an amount of about €31 million.
Ellomay is an Israel-based renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel. Talasol is a photovoltaic plant based in Spain that is 51% owned by Ellomay.
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