Ellomay Capital Ltd., together with its subsidiaries, engages in the production of renewable and clean energy in Israel, Spain, and the Netherlands. The company owns six photovoltaic (PV) plants comprising four PV plants in Spain with an aggregate installed capacity of approximately 7.9 megawatts (MW); one PV plant with a peak capacity of 300 MW in the municipality of Talaván, Spain; and one PV plant in Israel with an installed capacity of approximately 9 MW. It also operates a dual-fuel operated power plant with an installed capacity of approximately 860 MWp in the vicinity of Ashkelon, Israel; and constructs a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel. In addition, the company develops anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h in Goor and 475 Nm3/h in Oude-Tonge in the Netherlands. Further, it is involved in the construction of a PV plant with installed capacity of 28MW in the municipality of Talaván, Spain. The company was formerly known as NUR Macroprinters Ltd. and changed its name to Ellomay Capital Ltd. in April 2008. Ellomay Capital Ltd. was incorporated in 1987 and is headquartered in Tel Aviv-Yafo, Israel.
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Ellomay Capital is like a smaller, European-focused **NextEra Energy**, developing and operating diverse renewable power projects.
It's similar to **Brookfield Renewable Partners**, but focused on building and operating clean energy infrastructure across Europe and Israel.
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- Renewable Electricity Generation: Ellomay develops, constructs, and operates solar and wind power plants to produce and sell electricity from sustainable sources.
- Conventional Electricity Generation: The company holds significant stakes in and operates gas-fired power plants for the production and sale of electricity.
- Water Desalination: Ellomay is involved in the development, construction, and operation of desalination plants to produce and sell potable water.
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Ellomay Capital (ELLO) primarily sells electricity generated from its renewable energy projects to other companies, specifically utilities and grid operators. Based on its public filings, the major customer explicitly identified for a significant project is:
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Israel Electric Corporation (IEC): This is the sole purchaser of electricity from Ellomay's G.T.L.I. waste-to-energy plant in Israel, under a long-term agreement. The Israel Electric Corporation is a government-owned utility company in Israel and is not publicly traded on a major stock exchange with a common symbol.
For Ellomay's other renewable energy projects, particularly its solar PV plants in Italy and Spain, the company states that it sells electricity to the respective national grids at market prices. This implies that its customers in these regions are a diverse group of electricity distribution companies, suppliers, and other wholesale market participants rather than a single, explicitly named major corporate customer with a direct long-term Power Purchase Agreement (PPA) as identified in its public filings. Therefore, while these are also other companies, specific major customer names beyond the grid system itself are not identified in the same way as IEC.
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Ran Fridrich, Chief Executive Officer
Ran Fridrich has served as Ellomay's Chief Executive Officer since December 2009, after being interim CEO from January 2009 and a director since March 2008. He is a co-founder and executive director of Oristan, Investment Manager, which manages CDO Equity and Mezzanine Funds and a Distress Fund, established in June 2004. In January 2001, he founded Proprietary Investment Advisory, focusing on fixed income securities, CDO investments, and credit default swap transactions, serving as its investment advisor until January 2004. Earlier in his career, Mr. Fridrich was the chief executive officer of two Israeli packaging and printing companies: Lito Ziv, a public company (1999-2001), and Mirkam Packaging Ltd. (1983-1999). He also serves as a director of Cargal Ltd. since September 2002 and Plastosac Ltd. since 2007. Mr. Fridrich is one of the controlling shareholders of Ellomay Capital.
Kalia Rubenbach, Chief Financial Officer
Kalia Rubenbach has been Ellomay's Chief Financial Officer since January 2009. Before her appointment as CFO, she served as the company's corporate controller from January 2007, where her responsibilities included preparing financial reports. Prior to joining Ellomay, Ms. Rubenbach worked as a certified public accountant in the AABS High-Tech practice division of Kost Forer Gabbay & Kasierer (an affiliate of Ernst & Young) from 2005 to 2007. She also worked in the audit division of Brightman Almagor Zohar (an affiliate of Deloitte) from 2003 to 2004. Ms. Rubenbach holds a B.A. in Economics and Accounting and an M.B.A. from Tel Aviv University and is a licensed CPA in Israel.
Ben Sheizaf, Chairman of the Board of Directors
Ben Sheizaf has served as a director and Chairman of the Board of Ellomay since November 2024. He is the founder and CEO of B.P.O. Ltd., a consulting firm he established in 2019. Mr. Sheizaf has held numerous senior roles within the Israeli finance and insurance sectors. Currently, he is a board member and chairman of the risk management committee for Isracard Ltd. and chairman of the board for Detelix Software Technologies Ltd. From 2008 to 2019, he held various positions at Phoenix Financial Ltd., including Deputy CEO and Head of the Long-Term Savings Division, CEO of The Phoenix Pension and Provident Fund Ltd., and served on the boards of other companies within the group. He was also chairman of Excellence Provident Fund Ltd. (2018-2019) and Shekel Insurance Agency (2012-2015).
Shlomo Nehama, Controlling Shareholder (Former Chairman of the Board)
Shlomo Nehama served as a director and Chairman of the Board of Ellomay from March 2008 until November 2024. He is recognized as one of Israel's prominent businessmen. From 1998 to 2007, Mr. Nehama was the Chairman of the Board of Bank Hapoalim B.M., a leading Israeli bank. In 1997, he collaborated with Ted Arison to form a group of American and Israeli investors who acquired Bank Hapoalim from the State of Israel. He also held the position of Chief Executive Officer of Arison Investments from 1992 to 2006. Earlier, from 1982 to 1992, Mr. Nehama was a partner and joint managing director at Eshed Engineers, a management consulting firm. He is one of the controlling shareholders of Ellomay Capital.
Hemi Raphael, Director and Controlling Shareholder
Hemi Raphael has served as a director of Ellomay since June 2006. He is an entrepreneur and businessman with investments in real estate and finance. Mr. Raphael also holds directorships at Cargal Ltd. since May 2004 and Dorad Energy Ltd. Before his current roles, he was an active lawyer and subsequently a partner at the law firm of Goldberg Raphael & Co. from 1984 to 1994. He holds an LLB degree from the Hebrew University of Jerusalem's School of Law and is a member of both the Israeli and California Bar Associations. Mr. Raphael is one of the controlling shareholders of Ellomay Capital.
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Ellomay Capital Ltd. (ELLO) primarily operates in the renewable energy and power sectors across Europe, Israel, and the USA, utilizing diverse technologies such as solar power, natural gas, pumped hydro, and waste-to-energy solutions (biogas).
The addressable markets for Ellomay Capital's main products and services are as follows:
Europe
The European renewable energy market is a significant addressable market for Ellomay Capital. This market reached an estimated USD 241.9 billion in 2024 and is projected to grow to USD 445.0 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 7.01% between 2025 and 2033. Ellomay Capital's operations in Europe include solar power plants in Spain and Italy, and anaerobic digestion plants producing green gas in the Netherlands.
Israel
The renewable energy market in Israel is experiencing rapid growth, representing a key addressable market for Ellomay Capital. This market was valued at USD 187.2 million in 2024 and is forecast to reach USD 1633.53 million by 2031, with a substantial CAGR of 31.1% from 2024 to 2031. Ellomay Capital has photovoltaic (PV) plants operating in Israel and is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel.
Ellomay Capital also holds an indirect interest in Dorad Energy Ltd., which operates a natural gas power plant with a production capacity of approximately 850 MW in Israel. This capacity represents about 6%-8% of Israel's total current electricity consumption.
United States (Texas)
Ellomay Capital has expanded its solar photovoltaic projects into the State of Texas. The company has operational solar photovoltaic plants and others that have reached "ready to build" status in the Dallas Metropolitan area, Texas, with an aggregate capacity of approximately 27 MW connected to the grid and an additional 22 MW awaiting connection.
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Here are 3-5 expected drivers of future revenue growth for Ellomay Capital (ELLO) over the next 2-3 years:
- New Solar Project Connections in the USA: Ellomay Capital is actively expanding its solar portfolio in the United States. Construction of two projects in Texas with an aggregate capacity of approximately 27.5 MW commenced in early 2024 and was expected to be completed by September 2024. Two additional projects totaling around 22 MW were slated to begin construction in May 2024, with further projects scheduled for 2025. As of the first quarter of 2025, approximately 27 MW of solar projects in the Dallas area have been connected to the grid, and an additional 22 MW are awaiting connection. The revenue generation from these newly operational and soon-to-be-operational solar facilities in the USA will contribute significantly to the company's growth.
- Expansion and Connection of Italian Solar Projects: Ellomay Capital has a robust pipeline of solar projects in Italy. Construction started on an 18 MW solar project (ELLO 10), and around 20 MW of solar projects completed construction, with 5 MW connected in the first quarter of 2024 and another 15 MW expected to connect shortly thereafter. An increase in revenues during Q1 2025 was primarily attributed to 19.8 MW and 18.1 MW Italian solar facilities that were connected to the grid between February and May 2024 and in January 2025, respectively. Furthermore, in March 2025, Ellomay secured financing for its 198 MW Italian solar portfolio, which includes 38 MW already connected and 160 MW that are ready for construction. By October 2025, 160 MW of these projects had commenced construction, and another 134 MW were at "ready to build" status. The phased connection of these substantial Italian solar assets will drive revenue.
- Increased Stake and Capacity Expansion in Dorad Energy Ltd.: Ellomay Capital's indirect ownership in Dorad Energy Ltd. increased to approximately 16.9% in July 2025. Dorad Energy Ltd., which operates a large private power plant in Israel, demonstrated an increase in revenues and net income in 2023, and a significant rise in profit in 2024. Dorad also received approval to expand its capacity by an additional 650 MW. A higher ownership stake combined with Dorad's potential capacity increase and consistent profitability is expected to boost Ellomay's share of profits from this equity-accounted investee.
- Optimization and Growth of Existing Assets: The company has shown efforts to optimize its existing operations. For instance, in 2023, increased production and higher gas prices contributed to higher revenues from Ellomay's biogas plants in the Netherlands. Additionally, Ellomay implemented solutions to mitigate curtailment impacts at its existing projects, which should help stabilize and potentially increase electricity sales. Continued efficiency improvements and favorable market conditions for its operational assets will contribute to revenue.
- Strategic Project Development and Portfolio Broadening: Ellomay Capital's CEO, Ran Fridrich, has indicated the company's proactive approach to identifying and pursuing new opportunities in renewable energy to expand its project portfolio from 2024 onwards. The company's pipeline includes projects under advanced and preliminary development across its operating regions, encompassing diverse technologies such as solar power, natural gas, pumped hydro, and waste-to-energy solutions. This strategic focus on broadening its project base and leveraging expertise in various renewable energy sectors positions Ellomay for future revenue streams from new ventures.
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Share Issuance
- In July 2020, Ellomay Capital completed a private placement of 450,000 ordinary shares, raising approximately NIS 31.7 million (around $20.4 per share) from Israeli institutional and classified investors.
- The company is expecting to complete a private placement in July 2025, involving 926,000 ordinary shares for approximately NIS 50 million (around $16.3 per share).
- Shareholders approved an increase in the authorized share capital of the company at the Annual General Meeting in October 2025.
Inbound Investments
- A proposed private placement in July 2025 is expected to result in an inbound investment of approximately NIS 50 million from Israeli institutional investors, with Menora Mivtachim Holdings Ltd. becoming an interested party with approximately 6% ownership.
- In June 2025, Ellomay closed an investment transaction with Clal Insurance Company Ltd. for its 198 MW Italian Solar Portfolio, including a financing agreement for construction at an approximate 60% loan to cost ratio.
Outbound Investments
- Ellomay has continued to invest significant funds in the development and operation of photovoltaic (PV) power plants, including approximately 335.9 MW of operating solar plants in Spain (51% of Talasol's 300 MW plant) and 51% of approximately 38 MW of operating solar plants in Italy, as of 2025.
- The company has ongoing investments in solar projects in the Dallas Metropolitan area, Texas, USA, with approximately 27 MW placed in service and an additional 22 MW under construction or awaiting grid connection.
- By July 2025, Ellomay increased its indirect interest in Dorad Energy Ltd. to 16.875% through Ellomay Luzon Energy, up from a previous 9.375%.
Capital Expenditures
- Ellomay has consistently allocated capital to the development and construction of renewable energy projects in Europe, the USA, and Israel, including solar (PV) plants, biogas facilities in the Netherlands, and the pumped storage hydro power plant in Israel.
- Capitalization of expenses related to the 156 MW pumped storage hydro power plant project in Manara Cliff, Israel, contributed to a significant increase in depreciation costs in 2021.
- The company plans to install batteries in solar projects located in the USA, Spain, and Italy, indicating future capital expenditures focused on energy storage solutions.
