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Ellomay Capital Ltd (ELLO) delivers renewable energy solutions through photovoltaic plants, pumped hydro storage, and infrastructure projects across Europe and North America. This news hub provides investors and industry stakeholders with timely updates on financial performance, operational milestones, and strategic initiatives shaping the company's role in the global energy transition.
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Ellomay Capital (NYSE American; TASE: ELLO) has entered into an investment agreement with Clal Insurance, a leading Israeli institutional investor, for a €52 million investment. The deal involves creating an Israeli partnership where Ellomay will hold 51% and Clal 49% of the interests in a 198 MW Italian Solar Portfolio.
The portfolio includes 38 MW of operational solar facilities and 160 MW of Ready-to-Build projects. The agreement grants Clal first-look rights on future Ellomay solar projects in Italy. As part of the deal, Ellomay will issue Clal a warrant for 416,000 ordinary shares at NIS 69.7 per share, exercisable within 26 months.
The partnership agreement includes management fees for Ellomay, pro-rata funding commitments, and semi-annual surplus distributions. The deal's completion is subject to regulatory approvals and other customary conditions.
Ellomay Capital (ELLO) reported its financial results for Q4 and FY 2024, showing mixed performance. Total assets increased to €676.7M from €612.9M in 2023. The company recorded a loss of €9.5M in 2024 compared to a profit of €0.6M in 2023, while EBITDA improved to €25.1M from €18.8M.
Annual revenues decreased to €40.5M from €48.8M, primarily due to reduced electricity prices in Spain and lower gas prices in Netherlands. Operating profit increased 71% to €7.7M despite revenue challenges. The company completed the sale of its 9MW Talmei Yosef solar plant for NIS 42.6M (€10.6M).
Notable developments include: advancement in Italian projects totaling 198MW capacity, USA projects of 49MW under construction, and approval to expand the Dorad power plant by 650MW in Israel. The company plans to exercise first refusal rights for a 15% stake in Dorad, following a transaction valuing Dorad at NIS 2.8B.
Ellomay Capital (NYSE American; TASE: ELLO) has reported the publication of Dorad Energy 's financial statements for 2024, where Ellomay holds an indirect 9.4% stake through its 50% ownership of Ellomay Luzon Energy.
Key financial highlights for Dorad in 2024 include:
- Revenues of approximately NIS 2,863.8 million
- Operating profit of approximately NIS 620.3 million
- Received approximately $130 million from an arbitration ruling, increasing net profit by NIS 215.6 million after taxes
Dorad's demand patterns are seasonal, with higher electricity consumption during winter and summer. The company noted that while the October 7, 2023 war situation in Israel has impacted operations, short-term business effects are expected to be immaterial, though medium and long-term impacts remain uncertain.
Ellomay Capital (NYSE American; TASE: ELLO) has secured project financing agreements for its 198 MW Italian Solar Portfolio through its subsidiary Ellomay Holdings Luxembourg Sarl. The portfolio consists of 38 MW of operational solar facilities and 160 MW of ready-to-build projects.
The financing package, provided by a European institutional investor, amounts to €110 million and will be issued as senior secured notes in multiple tranches during the construction phase. The notes, maturing on December 31, 2047, carry a 4.50% annual interest rate with semi-annual payments. Financial closing is expected in the coming weeks.
Ellomay Capital (NYSE American; TASE: ELLO), a renewable energy and power generator and developer of renewable energy projects in Europe, Israel and the USA, held an extraordinary general meeting (EGM) on January 30, 2025. At the meeting, shareholders approved the terms of service and compensation for Mr. Ben Sheizaf, the Company's Chairman of the Board. The meeting's details were previously outlined in the Company's Notice and Proxy Statement filed on Form 6-K with the Securities and Exchange Commission on December 23, 2024.
Ellomay Capital reported financial results for Q3 2024, showing mixed performance. Total assets increased to €640M from €612.9M in December 2023. However, revenues declined to €31.8M for the nine months ended September 30, 2024, compared to €40.4M in the same period of 2023, mainly due to reduced electricity prices in Spain and fire damage near facilities.
The company's profit decreased to €3.3M for the nine months ended September 30, 2024, down from €10.4M in 2023. EBITDA also declined to €17.6M from €21.3M year-over-year. Notable developments include the sale of a 9MW solar plant in Talmei Yosef for €10.6M, progress in US solar projects totaling 49MW, and advancement in Italian operations with 20MW currently operating and 18MW awaiting grid connection.
Ellomay Capital (NYSE American; TASE: ELLO) has announced an extraordinary general meeting of shareholders scheduled for January 30, 2025, at 3:00 p.m. Israel time. The meeting will be held at the Company's offices in Tel Aviv, Israel. The sole agenda item is to approve the terms of service and compensation for Mr. Ben Sheizaf, the Company's Chairman of the Board.
Shareholders of record as of December 30, 2024, will be eligible to vote. The resolution requires a majority vote of ordinary shares present at the meeting. The company will mail proxy statements and cards around December 31, 2024. Shareholders can submit votes via proxy card by 11:00 a.m. Israel time on January 30, 2025, or through the Israel Securities Authority's electronic system up to six hours before the meeting.
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.
