TEL-AVIV - Ellomay Capital Ltd. (NYSE American: ELLO) (TASE: ELLO), an energy company specializing in renewable power, has announced the commencement of its inaugural photovoltaic projects in Texas, USA. The company has finalized engineering, procurement, and construction (EPC) agreements for the Fairfield and Malakoff projects near Dallas, with capacities of 13.44 MW and 13.92 MW, respectively.
The EPC contractor, known for its expertise in constructing photovoltaic plants across the United States, is expected to complete the projects within the next six months. In addition to these agreements, Ellomay has secured solar modules from a top tier 1 manufacturer for the Fairfield and Malakoff projects, as well as for other under-development projects in the US, including Mexia and Talco.
Ran Fridrich, CEO and Director of Ellomay Capital, expressed that the execution of these agreements marks an important milestone for the company's US market presence, highlighting the efficient transition of the Fairfield and Malakoff projects from the greenfield phase to project execution. Fridrich anticipates construction of the Mexia and Talco projects, with capacities of 10.4 MW and 9.7 MW respectively, to begin in the second half of 2024, projecting significant growth for the company moving forward.
Ellomay Capital, based in Israel, has been active in the renewable energy sector since 2009 and is listed on both the NYSE American and the Tel Aviv Stock Exchange. The company's current portfolio includes photovoltaic power plants in Spain and Israel, a stake in one of Israel's largest private power plants, and several renewable energy projects across Europe and the United States.
The company's forward-looking statements indicate a commitment to expanding its renewable energy footprint, with ongoing exploration of additional opportunities anticipated throughout 2024 and beyond. However, these statements also acknowledge the potential risks and uncertainties that could affect project timelines and overall success, including equipment shortages, regulatory changes, and market conditions.
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