Tel-Aviv, Israel, July 22, 2025 (GLOBE NEWSWIRE) -- Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, the USA and Israel, announced that on July 22, 2025, Ellomay Luzon Energy Infrastructures Ltd. (“Ellomay Luzon Energy”), an Israeli private company 50% held indirectly by the Company, completed the acquisition of 15% of the outstanding shares of Dorad Energy Ltd. (“Dorad”). As ...

Core Viewpoint - Ellomay Capital Ltd. has announced a private placement of 926,000 ordinary shares, which will result in an affiliate of Menora Mivtachim Holdings Ltd. becoming an interested party, holding approximately 6% of the company's outstanding shares [1][2]. Group 1: Private Placement Details - The price per share in the private placement was set at NIS 54 (approximately $16.3), with expected gross proceeds of approximately NIS 50 million [2]. - The closing prices per share on the Tel Aviv Stock Exchange were NIS 56.88 and NIS 58.53 on July 8 and July 9, 2025, respectively [2]. - The closing of the private placement is subject to regulatory approvals expected to be obtained during July 2025 [3]. Group 2: Company Overview - Ellomay Capital Ltd. is focused on renewable energy and power generation projects in Europe, the USA, and Israel since 2009 [5]. - The company has significant investments in solar power plants in Spain and Italy, as well as interests in one of Israel's largest private power plants, with a production capacity of approximately 850 MW [8]. - Ellomay is involved in various renewable energy projects, including anaerobic digestion plants in the Netherlands and pumped storage hydro power projects in Israel [8].

Core Viewpoint - Ellomay Capital Ltd. has signed long-term power purchase agreements (PPAs) with Statkraft for three solar plants in Italy, reinforcing its strategy in the renewable energy sector [1][2] Company Overview - Ellomay Capital Ltd. is an Israeli company focused on renewable energy and power generation, with operations in Europe, the USA, and Israel [3] - The company holds a 51% interest in various renewable energy projects, including approximately 335.9 MW of solar power plants in Spain and 38 MW in Italy [3] Recent Developments - The signed PPAs cover 75% of the capacity of three operating solar plants in Italy, totaling approximately 38 MW [1] - The agreements are part of Ellomay's strategy to enhance the value and stability of its renewable platform across key European markets [2] Future Plans - Ellomay aims to structure similar agreements for its remaining Italian solar portfolio, which includes 160 MW under construction, 124 MW with construction permits, and an additional 140 MW expected to receive permits soon [2][9] Strategic Partnerships - The collaboration with Statkraft, Europe's largest renewable energy generator, is expected to strengthen Ellomay's position in the market and provide long-term stability for its renewable assets [2][5] - Statkraft's involvement highlights its commitment to driving the energy transition and delivering competitive green supply solutions [5]

Core Viewpoint Ellomay Capital Ltd. reported significant financial improvements for the first quarter of 2025, including increased revenues and a return to profitability, driven by new solar projects and favorable financing conditions. Financial Overview - Total assets as of March 31, 2025, were approximately €721.2 million, up from €677.3 million as of December 31, 2024, reflecting a growth of about 6.5% [4] - Revenues for the three months ended March 31, 2025, were approximately €8.9 million, a 9% increase from €8.2 million in the same period of 2024 [4][5] - Profit for the three months ended March 31, 2025, was approximately €6.8 million, compared to a loss of approximately €4.9 million for the same period in 2024 [4] - EBITDA for the three months ended March 31, 2025, was approximately €2.9 million, an increase of about 81% from €1.6 million in the corresponding quarter last year [4][5] Revenue Drivers - The increase in revenues was primarily due to contributions from new solar facilities in Italy, specifically a 19.8 MW and an 18.1 MW project that were connected to the grid in early 2024 and January 2025, respectively [4] - Operating expenses remained stable at approximately €4.6 million for both the first quarter of 2025 and 2024 [4] Project Development and Future Outlook - In Italy, financing agreements for solar projects totaling 198 MW have been signed, with 38 MW already connected to the grid and construction of 160 MW underway [6] - In the US, the company is advancing solar projects with a capacity of approximately 50 MW, expected to begin construction in 2025 [7] - In the Netherlands, a license to increase production at the GGG facility by 64% has been received, with additional licenses in advanced stages [8] - In Israel, negotiations are ongoing with the Israeli Electricity Authority for compensation related to project delays and damages [9] Comprehensive Income - Total comprehensive income for the three months ended March 31, 2025, was approximately €1.9 million, down from €7.1 million in the same period of 2024 [4] - Total other comprehensive loss was approximately €4.9 million for the first quarter of 2025, compared to total other comprehensive income of approximately €12 million in the same quarter of 2024 [4] Financing Activities - The company issued Series G Debentures in February 2025, raising approximately NIS 214.5 million (about €56.7 million) [4]

Core Insights - Ellomay Capital Ltd. has successfully closed an investment transaction with Clal Insurance Company Ltd. for a 198 MW solar portfolio in Italy, granting Clal a 49% interest in the portfolio [1][3] Company Overview - Ellomay Capital Ltd. is an Israeli company listed on the NYSE American and the Tel Aviv Stock Exchange, focusing on renewable energy and power sectors in Europe, the USA, and Israel since 2009 [4] Investment Details - The investment transaction with Clal involves both operating projects and projects under construction and development in Italy [1] - Clal received a warrant to purchase ordinary shares of the Company as part of the transaction [2] Strategic Significance - The CEO of Ellomay highlighted the transaction as a significant milestone in the company's strategic growth and development plan, indicating strong confidence in the company's vision and leadership [3]

Core Viewpoint - Ellomay Capital Ltd. reported its indirect share in Dorad Energy Ltd.'s financial results for the three months ended March 31, 2025, highlighting its 9.4% ownership through Ellomay Luzon Energy [1][3]. Financial Performance - Dorad's revenues for the three months ended March 31, 2025, were approximately NIS 610.6 million, with an operating profit of approximately NIS 76.9 million [7][15]. - The financial results indicate that Dorad's electricity demand is seasonal, with higher consumption during winter and summer months, affecting revenue and operational performance [4]. Financial Statements Overview - The financial statements of Dorad were prepared in accordance with International Financial Reporting Standards and will be included in Ellomay's financial results for the period [3]. - Dorad's total assets as of March 31, 2025, were approximately NIS 4.67 billion, with total liabilities of approximately NIS 2.31 billion and total equity of approximately NIS 1.67 billion [12][14]. Cash Flow Analysis - For the three months ended March 31, 2025, Dorad reported net cash from operating activities of approximately NIS 190.1 million, with a net increase in cash and cash equivalents to approximately NIS 1.03 billion [19][20]. Company Background - Ellomay Capital Ltd. focuses on renewable energy and power sectors in Europe, the USA, and Israel, with significant investments in solar power and other renewable projects [6][8].

Regulatory Compliance - Ellomay Capital Ltd. filed its Annual Report on Form 20-F for 2024 on April 30, 2025[3] - The report is part of the requirements under the Securities Exchange Act of 1934[5] - The filing indicates compliance with regulatory obligations for foreign private issuers[2]

Core Viewpoint - Ellomay Capital Ltd. has filed its Annual Report on Form 20-F for the year ended December 31, 2024, with the Securities and Exchange Commission, highlighting its focus on renewable energy projects in Europe, the USA, and Israel [1]. Financial Performance - The Annual Report indicates a decrease of approximately €0.6 million in depreciation and amortization costs and a decrease of approximately €0.1 million in tax benefit for the year ended December 31, 2024, compared to the unaudited financial results published on March 31, 2025 [3]. Company Overview - Ellomay Capital Ltd. is an Israeli company listed on the NYSE American and the Tel Aviv Stock Exchange under the symbol "ELLO," focusing on renewable energy and power sectors since 2009 [4]. - The company has invested in various renewable energy projects, including approximately 335.9 MW of operating solar power plants in Spain and 38 MW in Italy [4]. - Ellomay holds a 9.375% indirect interest in Dorad Energy Ltd., which operates one of Israel's largest private power plants with a production capacity of approximately 850 MW [4]. - The company is involved in anaerobic digestion projects in the Netherlands with a combined green gas production capacity of approximately 16.3 million Nm3 per year [4]. - Ellomay is also developing a 156 MW pumped storage hydro power plant in Israel and has solar projects in Italy and Texas with a total capacity of approximately 343 MW [4].

Financial Reporting and Compliance - The company operates under IFRS® Accounting Standards, ensuring compliance with international financial reporting[20]. - The company has not reported any impact on its aggregate fixed assets due to the retrospective reclassification[13]. - The company emphasizes the importance of maintaining effective internal controls over financial reporting to mitigate risks[32]. - The company is characterized as an "accelerated filer," requiring effective internal controls over financial reporting, failure of which could negatively impact investor confidence[105]. Risks and Challenges - The report includes numerous risks, including regulatory changes affecting electricity prices and the potential reduction of government subsidies for renewable energy[31]. - The company faces risks related to its current debt, which has increased in recent years, and the ability to raise additional financing[31]. - The company is exposed to various geopolitical risks, including the impact of the military conflict between Russia and Ukraine on its operations[32]. - The company has identified potential risks related to its operations in foreign countries, including currency fluctuations and changing tax arrangements[32]. - The company is controlled by a small group of shareholders, which may affect governance and decision-making processes[32]. - The company faces risks related to land acquisition for project development, including disputes with landowners and new regulations prohibiting large-scale solar plants on productive agricultural land in Italy[51]. - Natural disasters and catastrophic events could disrupt operations, as evidenced by a fire affecting the Talasol and Ellomay Solar Plants, which temporarily reduced their operational capacity[53]. - The company is exposed to fluctuations in the Israeli CPI and exchange rates, which may adversely affect its results of operations and profitability[79]. - Political, economic, and military instability in Israel may adversely affect the company's business and prospects[90]. - The company is currently operating in a period of economic uncertainty and capital markets disruption due to geopolitical instability, impacting costs and supply chains[93]. - The company may face challenges in obtaining favorable financing terms due to rising interest rates and market instability[82]. - The company is exposed to risks from military conflicts, which may impact operations and financial markets, leading to potential liquidity issues[95]. - Legal proceedings could materially affect the company's operations and financial condition, leading to increased costs and delays[107]. Operational Performance - The company is dependent on revenues from the Talasol Solar Plant, highlighting its reliance on specific projects for cash flow[32]. - The company’s photovoltaic plant in Spain, Talasol, was impacted by a reduction mechanism for excess remuneration due to high natural gas prices, affecting operating profit[42]. - Electricity prices in Spain significantly declined in the first half of 2024, leading to reduced revenues from facilities not covered by subsidies[44]. - The company relies on contractors for the construction and operation of renewable energy plants, and any failure in their performance could lead to severe operational disruptions[45]. - The performance of renewable energy plants is heavily dependent on the quality of installed equipment and the reliability of suppliers, with potential adverse effects from defects or delays in obtaining replacement parts[47]. - The company’s WtE plants face risks related to feedstock availability and pricing, which could materially affect operational results[67]. - Increased transportation costs due to rising fuel prices could negatively impact the financial condition of WtE plants[68]. - The company’s ordinary shares are listed on both the NYSE American LLC and the Tel Aviv Stock Exchange, which may result in price variations[120]. - The market liquidity of the company's ordinary shares is limited, contributing to substantial price volatility[122]. Project Development and Investments - The company is currently developing a 156 MW pumped storage project in Israel and various solar projects in Italy, the United States, and Israel, facing risks related to regulatory permits and construction delays[40]. - The construction of the Manara Pumped Storage Project (PSP) commenced in April 2021, with a total funding scope of approximately NIS 1.27 billion[130]. - The Italian 198 MW Solar Portfolio includes solar facilities with an installed capacity of 19.8 MW and 18.1 MW, connected to the grid in February-May 2024 and January 2025, respectively[132]. - Financing for the Italian 198 MW Solar Portfolio is expected to be up to €110 million, with notes due on December 31, 2047, bearing interest at 4.50% per annum[133]. - The estimated cost of construction for the Italian 198 MW Solar Portfolio is approximately €200 million[134]. - The company has committed to provide its pro rata portion for the development of the 198 MW Solar Portfolio in Italy, with aggregate funding already provided[137]. - The company executed an agreement to sell its holdings in the 9 MW Talmei Yosef Solar Plant for NIS 44.75 million (approximately €11.2 million), with potential additional payments based on performance[147]. - The company is involved in the construction of the Manara Pumped Storage Project and various solar projects across multiple countries[167]. - There are approximately 262 MW of solar projects under advanced development in Italy and 800 MW in early development stages across Italy, the US, Spain, and Israel[144]. Financial Position and Debt - Total indebtedness as of December 31, 2024, was approximately €495 million, including principal and interest expected repayments[85]. - The company issued an additional aggregate principal amount of NIS 214,479,000 of new Series G Debentures after December 31, 2024[85]. - The Series G Debentures bear a fixed interest rate of 6.34% per year, payable semi-annually, with specific financial covenants to maintain[154]. - The Series E Secured Debentures issued by the company are secured by its holdings in Ellomay Luzon Energy, limiting its ability to sell these holdings[76]. Market Conditions and Competition - The renewable energy market is highly competitive, with new entrants potentially driving down prices per KWh, impacting project financing and profitability[58]. - The increase in demand for renewable energy components has led to price fluctuations, with solar panel prices decreasing significantly due to oversupply[54]. - Tariffs imposed on imports, particularly from China, could increase the costs of raw materials and components, impacting the financial feasibility of ongoing and future projects[55]. - The Trump administration's tariffs on Chinese goods could reach up to 245%, affecting the availability and prices of materials used in renewable energy facilities[56]. - The complexity of tax laws in various jurisdictions may increase the company's tax liabilities and administrative expenses, potentially affecting financial results[98]. - The OECD's proposals for a global minimum tax rate of 15% could lead to increased tax obligations for the company in multiple countries[100]. Revenue Projections - Revenue from the "Talasol" solar plant is projected to decrease from €24,971,000 in 2023 to €18,365,000 in 2024, reflecting a decline of approximately 26.4%[196]. - The "Ellomay Solar" plants in Italy are expected to generate revenues of €765,000 and €1,528,000 in 2024 for "Ellomay Solar Two" and "Ellomay Solar One" respectively, following their connection to the grid in February and May 2024[196]. - The annual consideration for operation and maintenance (O&M) services for the Talasol plant amounts to approximately €2.4 million, while the Ellomay Solar services total around €0.22 million annually[208]. Security and Operational Continuity - The Dorad Power Plant is located in southern Israel, near the Gaza Strip, and has implemented security measures to continue operations during missile attacks[69]. - The construction of the Manara PSP was halted due to attacks in northern Israel, with work resuming on April 7, 2025, after a ceasefire[69]. - Dorad's operations depend on the timely supply of natural gas from agreements with Tamar and Energean, which include a "take or pay" mechanism[77]. - The Israeli electricity sector is highly regulated, and any changes in tariffs or regulations could adversely affect Dorad's operations[70]. - The System Manager is the expected sole customer for the Manara PSP, and its financial stability is crucial for the project's success[72]. - Dorad's operations are subject to various risks, including equipment failures, cyber-attacks, and reliance on sole suppliers[77]. - Dorad Power Plant's compliance costs with environmental regulations are currently not material, but noncompliance could adversely affect profitability[79].

Core Viewpoint - Ellomay Capital Ltd. has entered into an investment agreement with Clal Insurance Ltd. for an investment of approximately €52 million, aimed at developing a solar portfolio in Italy with a total capacity of 198 MW [1][2][8]. Investment Agreement Details - The Clal Agreement establishes a new Israeli limited partnership where Ellomay will hold 51% and Clal will hold 49% of the limited partner interests [2]. - The partnership will own a Luxembourg entity that will receive shares from seven Italian project companies, which include solar facilities with 38 MW operational capacity and an additional 160 MW that are Ready-to-Build [2][5]. Financial Commitments and Structure - Clal is obligated to provide its pro rata share for the development of the Italian Solar Portfolio, while Ellomay has already fulfilled its funding commitment [5]. - The Clal Warrant allows Clal to purchase 416,000 ordinary shares of Ellomay at an exercise price of approximately $18.5 per share, valid for 26 months [6]. Governance and Rights - The Clal PA outlines the governance structure, management, and funding mechanisms for the Israeli LP, including rights for limited partners such as tag-along rights and veto rights [5]. - Clal has a right of first look for future investments in other solar projects developed by Ellomay in Italy [3]. Regulatory and Closing Conditions - The consummation of the transactions is subject to customary closing conditions, including regulatory approvals [7]. Company Background - Ellomay Capital Ltd. focuses on renewable energy projects in Europe, the USA, and Israel, with significant investments in solar power plants and other renewable energy initiatives [9][10].