Ellomay Capital Ltd. has entered into a nine-year power purchase agreement (PPA) with Statkraft, Europe’s largest renewable energy producer, for three operational solar plants in Italy. This agreement secures a long-term contract for 75% of the capacity of these plants, which collectively generate around 38 megawatts (MW) of electricity.
The partnership reflects Ellomay’s strategy to stabilize and increase the value of its renewable energy portfolio across Europe. According to Ran Fridrich, CEO of Ellomay, collaborating with Statkraft, a highly regarded offtaker in the renewable sector, reinforces the strength of this deal. Ellomay plans to replicate similar agreements for its additional Italian solar projects, which currently include 160 MW under construction and 124 MW with construction permits.
Maya Shaltiel, CEO of Maya International Strategic Alliances Ltd., played a key role in negotiating this agreement. She emphasized that these PPAs provide financial stability for Ellomay’s renewable assets in Italy while also allowing for market flexibility. This approach is designed to maintain profitability amid fluctuating energy demands and market conditions.
Statkraft, which has been operating in Italy since 2020, continues to expand its renewable energy portfolio. Gennaro D’Annucci, Head of Origination Italy at Statkraft, noted that this agreement enhances their capacity to deliver tailored green energy solutions to Italian businesses.
Ellomay Capital, an Israeli company listed on the NYSE American and the Tel Aviv Stock Exchange, focuses on renewable energy projects in Europe, the USA, and Israel. The company has invested significantly in solar power, with ongoing projects in Spain and Italy, including sizable solar plants and anaerobic digestion facilities. The recent PPA with Statkraft is expected to support Ellomay’s growth and contribute to the broader energy transition in Europe, ensuring reliable clean energy supply and meeting increasing demand for renewable resources.
