Ellomay Capital, an emerging operator in the renewable energy and energy infrastructure sector, has acquired its second investment in a waste-to-energy facility in the Netherlands.
The transaction is pursuant to an agreement between Ellomay Luxemburg Holdings, the company's wholly-owned subsidiary, and Ludan Energy Overseas B.V., an indirectly wholly-owned subsidiary of Ludan Engineering Co.
Ellomay was issued 51 percent of the outstanding shares of the project company, Groen Gas Oude-Tonge B.V., which is in the process of developing an anaerobic digestion plant in Oude Tonge, the Netherlands.
The transaction is subject to certain conditions, including the availability and price of the feedstock required to operate the facility. Oude Tonge currently expects that the Oude Tonge Project will produce biogas for the Netherlands grid of approximately 3.8 million m3 per year and will produce annual revenues of approximately €3.4 million ($3.7 million), which will be derived mainly from the subsidies granted for the sale of biogas to the grid.
To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy and Spain, including approximately 22.6 megawatts of photovoltaic power plants in Italy and approximately 7.9 megawatts of photovoltaic power plants in Spain.