Ellomay Capital Ltd. has entered into an engineering, procurement & construction (EPC) agreement with METKA EGN Spain for the construction of the Ellomay Solar Project, a photovoltaic plant with an installed capacity of 28 MWDC in the municipality of Talaván, Cáceres, Spain.
The EPC Agreement provides a fixed and lump-sum amount of EUR15.32 million (US$18.3 million) for the complete execution and performance of the works defined in the EPC Agreement. The works include the engineering, procurement, and construction of the project and the ancillary facilities for injecting power into the grid and performance of two years of O&M services. The EPC agreement includes additional standard provisions, including with respect to liquidated damages in connection with delays and performance, performance guarantees, suspension and termination.
METKA EGN Spain is expected to complete the works under the EPC Agreement within a period of 9 months from receipt of the Notice to Proceed. The early works commenced on March 1, 2021 and the Notice to Proceed is expected to be provided during May 2021.
