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Ellomay Capital Ltd. (NYSE American: ELLO, TASE: ELLO) is an Israeli public company focused on renewable energy and infrastructure sectors worldwide. Established in 2009, Ellomay Capital has a diverse portfolio spanning solar, wind, and hydro power projects across Europe, Israel, and the USA, making it a prominent player in the utility sector.
The company operates through several key segments:
- Photovoltaic (PV) Plants: Ellomay owns and manages numerous photovoltaic plants, notably in Spain and Italy. The Talasol project in Spain, with a 300 MW capacity, and Ellomay Solar projects in Italy are major contributors to their portfolio.
- Dorad Energy Ltd. (Dorad): Ellomay holds an indirect 9.4% stake in Dorad, one of Israel’s largest private power plants, which significantly boosts the company's revenue stream through its electricity generation capabilities.
- Groen Gas Goor B.V.: Ellomay's ventures into biogas include multiple anaerobic digestion plants in the Netherlands, enhancing its clean energy footprint through the production of green gas.
- Pumped Storage Hydro Plant (Manara): The Manara project in Israel aims to develop a 156 MW hydroelectric power plant, demonstrating their commitment to innovative renewable energy solutions.
Ellomay Capital has shown resilience and adaptability in varying market conditions. The company's recent financial performance highlights a strategic approach to managing lower electricity prices in Spain by leveraging long-term power purchase agreements (PPAs). Despite a challenging market, Ellomay reported a stable EBITDA of €18.8 million for 2023, underscoring robust financial health.
Recent initiatives include expanding into the US market with solar projects in Texas and ongoing developments in Italy. The company is also engaged in significant projects like the Manara Pumped Storage Project and the expansion of PV and storage facilities in Israel, ensuring a sustained growth trajectory.
For further details, you can visit Ellomay's official website.
Ellomay Capital (NYSE American; TASE: ELLO) reported the financial statements of Dorad Energy, in which it holds a 9.4% indirect stake. For Q3 2024, Dorad posted revenues of approximately NIS 1,096 million and an operating profit of NIS 270 million. The company noted that electricity demand is seasonal, with higher consumption during winter and summer seasons. Dorad acknowledged that the war situation in Israel, which began on October 7, 2023, has impacted its results but estimated the short-term business impact would be immaterial, though medium and long-term effects remain uncertain.
Ellomay Capital (NYSE American; TASE: ELLO) announced significant leadership changes as Shlomo Nehama steps down as Chairman of the Board after 16 years of service. The Board unanimously appointed Ben Sheizaf as new Board member and Chairman, serving until the Company's 2025 annual general meeting. Sheizaf, 67, brings extensive experience from the Israeli finance and insurance sectors, currently serving as CEO of B.P.O. and board positions at Isracard and Detelix Software Technologies He previously held senior positions at Phoenix Financial , including Deputy CEO and Head of Long-Term Savings Division.
Ellomay Capital (NYSE American; TASE: ELLO) reported financial results for Q2 2024:
- Total assets increased to €634.8 million as of June 30, 2024
- Revenues decreased to €11.2 million for Q2 2024 and €19.5 million for H1 2024
- Profit from continuing operations was €1.2 million for Q2 2024
- Loss from continuing operations was €3.4 million for H1 2024
- EBITDA decreased to €4.9 million for Q2 2024 and €6.5 million for H1 2024
The company experienced decreased revenues and profits mainly due to lower electricity prices in Spain. However, it made progress on solar projects in the US, Italy and Israel. The Dorad power plant in Israel saw increased profits. Ellomay's biogas plants in the Netherlands maintained high production levels.
Ellomay Capital (NYSE American; TASE: ELLO) has announced a significant development in its U.S. strategic growth plan. The company has entered into an agreement to sell and transfer Investment Tax Credits (ITCs) associated with four solar projects in Texas: Fairfield (13.4 MW), Malakoff (13.92 MW), Mexia (11.1 MW), and Talco (10.5 MW). The deal, executed with an experienced financial institution, is expected to generate approximately $19 million, representing about 32% of the expected total portfolio costs.
This transaction, facilitated under the Inflation Reduction Act's new transferability provisions, allows Ellomay to retain 100% of the operating profits from these projects. The funds will be disbursed after each project is placed in service and meets applicable requirements. Fairfield and Malakoff are expected to be operational by the end of Q4 2024, while Mexia and Talco are slated for completion by the end of Q2 2025.
Ellomay Capital (NYSE American; TASE: ELLO) has announced a significant milestone towards financing its 198 MW solar portfolio in Italy. The company's subsidiary, Ellomay Holdings Luxembourg Sarl, has entered into a commitment letter with a reputable European institutional investor for a Project Finance of up to €110 million.
The financing, subject to conditions, will be provided as a non-recourse merchant loan through senior secured notes, with a 23-year repayment term following financial closing. This Project Finance aims to fund the construction and related expenses of the Italian PV Portfolio, which includes operating, under-construction, and ready-to-build projects.
The commitment is contingent on executing detailed Project Finance documentation by December 31, 2024, and satisfactory completion of due diligence by the lender. Ellomay Capital cautions that the final execution and terms of the financing are not guaranteed.
Ellomay Capital (NYSE American; TASE: ELLO) reported the publication of financial statements for Dorad Energy , in which Ellomay indirectly holds approximately 9.4%. Key highlights for Dorad's Q2 2024 include:
- Unaudited revenues: approximately NIS 659 million
- Unaudited operating profit: approximately NIS 87.5 million
Dorad's demand for electricity is seasonal, with higher consumption in winter and summer. The company noted that the ongoing war situation in Israel, which started on October 7, 2023, has impacted its results, but the short-term effect is expected to be immaterial. However, Dorad is unable to assess the medium and long-term impacts due to the unpredictable nature of the conflict.
Ellomay Capital (NYSE American; TASE: ELLO), a renewable energy and power generator, held its 2024 Annual General Meeting (AGM) on July 25, 2024. Shareholders approved key proposals, including:
1. Reelection of four directors
2. Extension and fee update of the Management Services Agreement
3. Grant and extension of indemnification undertaking for certain office holders
4. Grant and extension of exemption for certain office holders
5. Reappointment of Somekh Chaikin as independent auditors
The proposals related to controlling shareholders (2, 3, and 4) required and received a special majority approval. These decisions reflect important governance and operational updates for Ellomay Capital.
Ellomay Capital reported its unaudited financial results for Q1 2024. Total assets increased to €666.8 million from €612.9 million in December 2023. Revenues fell to €8.2 million from €11.7 million in Q1 2023, primarily due to lower electricity prices in Spain. The company registered a net loss of €4.9 million, compared to a net profit of €3.3 million in the same period last year. EBITDA decreased to €1.6 million from €4.2 million. Ellomay completed the sale of its 9 MW solar plant for €10.6 million. Key operational highlights include project development in the USA, Italy, and Israel, with significant progress in solar projects and the Dorad power plant. Financing activities included the issuance of Series F Debentures, raising approximately €49.4 million in total.
Ellomay Capital (NYSE American: ELLO) reported its financial results for the three months ended March 31, 2024, on June 30, 2024. The company saw a significant decrease in revenues, primarily due to reduced electricity prices in Spain, which dropped by 70% compared to the same period in 2023. Revenues for the quarter were approximately €8.2 million, compared to €11.7 million in Q1 2023. The company reported a loss from continuing operations of approximately €4.6 million, compared to a net profit of €3 million in the same period last year.
Operating expenses decreased by approximately €1.8 million, while project development costs increased to €1.4 million due to new solar projects in the USA, Italy, and Israel. Despite the drop in revenues, the company achieved a total comprehensive income of approximately €7.1 million, compared to a total comprehensive loss of €29.9 million in Q1 2023, mainly due to changes in the fair value of cash flow hedges.
Ellomay's key activities included the sale of a 9 MW solar plant in Talmei Yosef, ongoing solar projects in Spain, the USA, and Italy, and improvements in biogas plants in the Netherlands. The company also issued new debentures and options in Israel, raising significant capital for future projects.
Ellomay Capital, a renewable energy company, announced its 2024 Annual General Meeting (AGM) to be held on July 25, 2024, in Tel Aviv. The agenda includes the reelection of directors, updates to management fees, indemnification and insurance for controlling shareholders, reappointment of auditors, and review of 2023 financial statements. Shareholders of record by June 20, 2024, can vote. The proxy statement will be mailed by June 21, 2024, and filed with the SEC on June 14, 2024.
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