Israeli energy investor Ellomay Capital has entered the Dutch renewables market by partnering with a developer to build up to €200 million of waste-to-energy plants.
Ellomay, based in Tel Aviv, has entered a strategic agreement to acquire a 51 percent stake in a pipeline of projects developed by Ludan Energy Overseas, a subsidiary of Ludan Engineering. Ludan will take the remaining 49 percent of the projects after certain conditions are met, including reaching financial close and receipt of subsidy.
Ludan will build and operate the biogas plants and receive a development fee for each project.
“The Netherlands' waste-to-energy market is expected to grow rapidly, as the Dutch government started taking actions to increase the renewable energy usage in order to reduce dependency on traditional fossil fuels,” Ellomay chief executive Ran Fridrich said in a statement. “This new opportunity is in line with Ellomay's operating objective to expand its operations in the renewable and clean energy market and exploit attractive investment opportunities.”
Ellomay first began investing in energy and infrastructure in 2009. Its renewables portfolio comprises 22.6MW of solar assets in Italy and 7.9MW of solar farms in Spain. It also holds a 9 percent interest in Israeli utility Dorad Energy.