Ellomay Capital Ltd., an operator in the renewable energy and energy infrastructure sector, has announced the execution by the Israeli Minister of National Infrastructures, Energy and Water Resources of a conditional license to Ellomay Pumped Storage Ltd. The company indirectly owns 75% of Ellomay PS. The Conditional License regulates the construction of a pumped storage plant in the Manara Cliff with a capacity of 340MW.
The Conditional License includes several conditions precedent to the entitlement of the holder of the Conditional License to receive an electricity production license. The Conditional License is valid for a period of seventy two (72) months commencing from the date of its approval by the Minister, subject to compliance by Ellomay PS with the milestones set forth therein and subject to the other provisions set forth therein (including a financial closing, the provision of guarantees and the construction of the pumped storage hydro power plant).
Mr. Ran Fridrich, CEO and a board member of Ellomay commented:
"We are pleased with this progress in our Manara Cliff pumped storage project. Obtaining the conditional license marks a substantial milestone in the continued development of the Manara Cliff pumped storage project, which is expected to be highly complex and is currently in its early stages."