Ellomay Capital Announces An Agreement For The Sale Of Investment Tax Credits From 4 Texas Solar Projects, Expecting To Receive About $19M, Representing 32% Of The Total Portfolio Costs, Under Provisions Allowing The Company To Retain All Operating Profits, With Project Completions Anticipated By Mid-2025
Portfolio Pulse from Benzinga Newsdesk
Ellomay Capital has entered an agreement to sell Investment Tax Credits from four Texas solar projects, expecting to receive $19M, which is 32% of the total portfolio costs. The projects are expected to be completed by mid-2025, allowing Ellomay to retain all operating profits.
September 23, 2024 | 8:19 pm
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Ellomay Capital has secured a $19M deal for selling Investment Tax Credits from its Texas solar projects, representing 32% of the portfolio costs. The projects are expected to be completed by mid-2025, with Ellomay retaining all operating profits.
The sale of ITCs provides Ellomay with significant upfront capital, representing 32% of the project costs, which is a positive financial development. The retention of all operating profits further enhances the company's future revenue potential. The completion timeline by mid-2025 aligns with strategic growth plans, likely boosting investor confidence.
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