Israeli renewables developer Ellomay Capital has entered a framework agreement with an unnamed European company to pursue 350MW of Italian solar projects.
Ellomay, through its Luxembourg subsidiary, aims to reach around 265MW of ready to build capacity over the next 41 months with the new partner.
The listed developer also has the option to purchase projects totalling 37MW that are under development in Italy, the majority of which is covered by grid connection agreements.
The unnamed counter-party will develop projects exclusively for Ellomay during the agreement.
Financial terms via a “monthly budget” were not disclosed. A unspecified “success fee” is also built into the agreement to be paid once a project reaches the ready to build status.
The framework is subject to both sides reaching final agreement within 20 days of execution.
Ellomay chief executive Ran Fridrich said: “The framework agreement executed by the company is another tier in the company’s plan to increase its portfolio of photovoltaic facilities that are based on greed parity.
“Today the company’s projects under development are in an aggregate scope of approximately 550MW and the company intends to increase the scope shortly to approximately 1,000MW that are expected to be built over the coming three years.”
He added that Ellomay’s “deep knowledge and extensive experience in constructing and operation photovoltaic facilities in Italy and Spain enable it to cooperate with experienced and reputable developers”.