Ellomay Capital plans fixed-for-floaters led by Deutsche Bank

By Susanna Moon

Chicago, July 16 – Israel’s Ellomay Capital Ltd. said it plans project financing to be financed by a consortium led by Deutsche Bank, the mandated lead arranger, and the European Investment Bank.

Ellomay executed a pre-hedge transaction for a fixed-for-floating interest rate swap to lock-in market floating rates for its project financing, according to a company announcement.

The prospective project financing is for the construction of a photovoltaic plant in Spain.

The pre-hedge transaction was executed with Goldman Sachs International.

Leverage is expected to be in the range of 50% to 60% of the total investment.

Closing is expected before the end of 2018, and beginning of operations is expected in the first half of 2020.

“Talasol is getting near to financial close, and we wanted to make sure that the potential changes in the interest rates won't have a material effect on its feasibility,” Ran Fridrich, chief executive officer and a board member of Ellomay, said in the press release.

Ellomay is a Tel Aviv company that focuses on renewable energy and power.

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