Along with the financial closing, the company has also closed the sale of 49% of its indirect holdings in the project company, Talasol Solar.

Talasol has sent a notice to the METKA EGN, the engineering, procurement and construction contractor of the Talasol Project, to proceed with the construction works of the Talasol Project, following the consummation of the transactions. The construction is expected to take 16 months of time.

Ellomay expects the Talasol Project’s total capital expenditure to be approximately €228m, of which an aggregate amount of approximately €131m is to be provided by a term loan under the project finance obtained by Talasol from Rabobank, ABN AMRO and Deutsche Bank and the European Investment Bank.

Ellomay CEO and board member Ran Fridrich said: “The Company is proud of the many accomplishments achieved thus far in the entrepreneurial process of the Talasol Project, which include a first-in-kind PPA that enabled obtaining project finance in extraordinary interest terms, and of the process of introducing quality partners to the project in a high premium.”

Capital Dynamics, an independent global private asset management firm, announced that its Clean Energy Infrastructure (CEI) business completed the acquisition of a 24.5% percent equity stake in Talasol Solar from Ellomay Luxembourg Holdings.

Upon begining commercial operations in the latter half of 2020, the solar project is expected to be one of the largest utility-scale solar PV facilities in Spain.

The project also marks Capital Dynamics’ CEI team’s first acquisition in Iberia. With 4.7GW of gross power generation across more than 100 projects, The Capital Dynamics CEI team is one of the largest specialized renewable energy investment managers.

Capital Dynamics’ European Clean Energy Infrastructure team head and managing director Simon Eaves said: “Falling solar and wind capital costs, along with ongoing political and corporate support for renewable energy are all contributing to significant future investment in new clean energy infrastructure.

“This strongly supports our opportunity to identify and secure high-quality renewable investments.”