Located in Murcia, Spain, the ground mounted fixed technology PV plants are currently operational and were connected to the Spanish national grid in 2011.
Ellomay CEO Ran Fridrich said: "The PV Plants will be acquired at an attractive price and will contribute to the enhancement and diversification of the Company’s PV portfolio.
"Ellomay will continue to seek attractive opportunities in the energy sector and leverage its excellent capabilities to identify and execute such transactions."
Ellomay will purchase PV Plants and all associated assets and rights from a Spanish company whose German parent company has entered into insolvency proceedings, for an aggregate purchase price of €9.5m (approximately $13m).
The transaction, subject to customary closing conditions, will be closed by the end of the third quarter of 2014.
Upon completion of transaction, Ellomay expects the PV Plants to generate annual revenue approximately €2m (approximately $2.7m).
