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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 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.
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