Mon Sep 23 20:15:00 UTC 2024: ## Ellomay Capital Sells Investment Tax Credits for $19 Million, Boosting U.S. Solar Portfolio
**Tel Aviv, Israel – September 23, 2024** – Ellomay Capital Ltd. (NYSE American: ELLO), a renewable energy developer, announced today it has entered into an agreement to sell Investment Tax Credits (ITCs) linked to its four solar projects in Texas. The sale, for an estimated $19 million, marks a significant milestone in Ellomay’s U.S. strategic growth plan.
The agreement with a reputable financial institution covers the Fairfield (13.4 MW), Malakoff (13.92 MW), Mexia (11.1 MW), and Talco (10.5 MW) solar projects, representing approximately 32% of the total expected portfolio costs.
This transaction leverages the Inflation Reduction Act’s new transferability provisions, allowing Ellomay to retain 100% of the operating profits from these projects while receiving upfront capital from the ITC sale. The Fairfield and Malakoff projects are expected to be operational by the end of Q4 2024, with Mexia and Talco following by the end of Q2 2025.
“This agreement represents a major milestone in the development of our solar portfolio in Texas,” said Ran Fridrich, CEO of Ellomay. “It underscores our commitment to expanding our renewable energy presence in the U.S. This strategy allows us to benefit from both accelerated depreciation and upfront capital, providing greater flexibility for future growth.”
Ellomay, an Israeli-based company, has been actively investing in renewable energy projects across Europe, the USA, and Israel since 2009. The company has a diversified portfolio of projects in various stages of development, with a focus on solar, wind, and biomass power generation.
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