Ellomay Capital LTD - ELLO STOCK NEWS

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.

Ellomay Capital announced the financial closing of a project finance facility for its 28 MW Ellomay Solar PV plant in Talaván, Spain, and the sale of its 9 MW Talmei Yosef PV plant in Israel. The project finance arrangement includes a €10 million term loan and a €500,000 revolving facility from Bankinter, both with a 16-year term. The interest rate is fixed at approximately 5.5% annually. The term loan will be repaid in semi-annual installments, with the first due on December 31, 2024. Ellomay Solar withdrew €9.7 million to its parent company upon closing.

The sale of the Talmei Yosef plant was completed on June 2, 2024, for approximately €10.6 million. This increases Ellomay’s cash reserves, earmarked for PV projects in the USA and Italy.

Ellomay Capital, a developer of renewable energy projects, announced the publication of financial statements for Dorad Energy for Q1 2024. Ellomay holds approximately 9.4% of Dorad through Ellomay Luzon Energy. Dorad reported unaudited revenues of NIS 610.9 million and an operating profit of NIS 118.6 million for the quarter.

Electricity demand for Dorad is seasonal, with higher consumption in winter and summer. The period covered includes the winter months of January and February. The financial results may not indicate full-year performance due to seasonal variations and other factors like changes in TAOZ tariffs and the impact of the Israeli CPI on interest payments.

Dorad mentioned the potential impact of the ongoing war in Israel since October 7, 2023, on its short-term business results, although it considers this impact to be immaterial for now. The long-term effects remain uncertain.