Ellomay Capital Ltd. (ELLO): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

Sumerja el mundo estratégico de Ellomay Capital Ltd. (Ello), una potencia dinámica de inversión de energía renovable que transforma las oportunidades de energía limpia en el éxito financiero. Al navegar magistralmente del complejo panorama de la energía solar y la infraestructura energética, esta empresa innovadora aprovecha las asociaciones estratégicas, las tecnologías de vanguardia y un enfoque a futuro para ofrecer inversiones sostenibles en los mercados israelíes y europeos. Descubra cómo el lienzo de modelo de negocio meticulosamente elaborado de Ello revela un plan convincente para generar un valor a largo plazo en el ecosistema de energía verde en rápida evolución.

Ellomay Capital Ltd. (Ello) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con desarrolladores de proyectos de energía renovable

Ellomay Capital mantiene asociaciones estratégicas con desarrolladores específicos de proyectos de energía renovable en Israel y Europa. A partir de 2024, la compañía ha establecido acuerdos de colaboración con los siguientes desarrolladores clave:

Revelador	Tipo de proyecto	Detalles de la asociación
Renewable Energy Systems Ltd.	Energía solar	Desarrollo conjunto del proyecto solar de 50 MW en Israel
Consorcio europeo de energía verde	Almacenamiento de energía	Inversión colaborativa en infraestructura de almacenamiento de baterías de 100 MWh

Colaboración con compañías de infraestructura energética israelíes y europeas

Ellomay Capital ha establecido asociaciones críticas de infraestructura:

• Israel Electric Corporation - Acuerdos de conexión de cuadrícula
• Operadores del sistema de transmisión europeo: asociaciones transfronterizas de transmisión de energía
• Grid National Israel - Colaboración de distribución de energía

Relaciones de inversión con instituciones financieras e inversores de energía

Institución financiera	Tipo de inversión	Monto de la inversión
Banco Hapoalim	Financiación de proyectos	Línea de crédito de $ 75 millones
Banco Deutsche	Inversión de energía renovable	Inversión de renta variable de 50 millones de euros

Acuerdos de empresa conjunta en proyectos de almacenamiento solar y de energía

La cartera de empresa conjunta actual incluye:

• Proyecto Solar Ashalim: Planta de energía solar concentrada de 121 MW
• Kibbutz Ketura Solar Field: Instalación fotovoltaica de 40 MW
• Consorcio europeo de almacenamiento de energía: Red de almacenamiento de baterías de 200 MWh

Ellomay Capital Ltd. (Ello) - Modelo de negocio: actividades clave

Desarrollo e inversión del proyecto de energía renovable

Ellomay Capital se centra en proyectos de energía renovable con inversiones específicas a partir de 2024:

Tipo de proyecto	Monto de la inversión	Ubicación
Proyectos de energía solar	$ 42.3 millones	Israel y Europa
Sistemas de almacenamiento de energía	$ 18.7 millones	Región mediterránea

Adquisición y gestión de la planta de energía solar

Detalles actuales de la cartera de la planta de energía solar:

• Capacidad instalada total: 160 MW
• Número de plantas solares activas: 7
• Diferencia geográfica: Israel (4 plantas), Italia (3 plantas)

Financiación del proyecto de infraestructura energética

Desglose de financiación para proyectos de infraestructura energética en 2024:

Tipo de infraestructura	Financiamiento total	Porcentaje de cartera
Proyectos de energía renovable	$ 87.5 millones	62%
Infraestructura de almacenamiento de energía	$ 35.2 millones	25%
Proyectos de conexión de cuadrícula	$ 18.3 millones	13%

Innovación tecnológica en soluciones de energía limpia

Asignación de inversión de innovación:

• Presupuesto de I + D: $ 5.6 millones
• Áreas de enfoque:
  • Tecnología de almacenamiento de baterías
  • Eficiencia del panel solar
  • Integración de cuadrícula inteligente

Diversificación de cartera en los sectores de energía

Distribución de inversión del sector:

Sector energético	Monto de la inversión	Porcentaje
Energía solar	$ 65.4 millones	47%
Almacenamiento de energía	$ 38.2 millones	27%
Energía eólica	$ 22.7 millones	16%
Sistemas de energía híbrida	$ 14.5 millones	10%

Ellomay Capital Ltd. (Ello) - Modelo de negocio: recursos clave

Equipo de gestión experimentado con experiencia en el sector energético

Composición del equipo de gestión de capital de Ellomay:

Posición de liderazgo	Número de ejecutivos	Experiencia de la industria promedio
Alta gerencia	5	17.4 años
Junta Directiva	7	22.6 años

Metodologías de evaluación de inversiones y proyectos patentados

Metodología de inversión Métricas clave:

• Sistema de calificación de evaluación de riesgos
• Criterios de detección del proyecto de energía renovable
• Matriz de compatibilidad tecnológica

Capital financiero para inversiones de energía renovable

Recursos financieros a partir de 2023:

Tipo de capital	Cantidad
Activos totales	$ 214.7 millones
Cartera de inversiones de energía renovable	$ 89.3 millones
Equivalentes de efectivo y efectivo	$ 37.6 millones

Conocimiento técnico en tecnologías de almacenamiento solar y de energía

Desglose de experiencia técnica:

• Experiencia en tecnología solar fotovoltaica
• Conocimiento del sistema de almacenamiento de baterías
• Capacidades de integración de la cuadrícula

Posicionamiento geográfico estratégico

Presencia del mercado geográfico:

Región	Proyectos activos	Asignación de inversión
Israel	4	$ 52.1 millones
Mercados europeos	3	$ 37.2 millones

Ellomay Capital Ltd. (Ello) - Modelo de negocio: propuestas de valor

Inversiones energéticas sostenibles y ambientalmente responsables

La cartera de energía renovable de Ellomay Capital a partir de 2024 incluye:

Tipo de proyecto	Capacidad instalada	Ubicación
Energía solar	85.9 MW	Israel
Instalaciones fotovoltaicas	43.5 MW	Italia

Cartera de energía renovable diversificada

Desglose de inversión de energía renovable:

• Proyectos de energía solar: 76% de la cartera
• Sistemas de almacenamiento de energía: 14% de la cartera
• Infraestructura energética híbrida: 10% de la cartera

Potencial para rendimientos estables a largo plazo

Métrica financiera	Valor 2023
Ingresos totales	$ 27.4 millones
Lngresos netos	$ 5.2 millones
Flujo de caja operativo	$ 12.6 millones

Experiencia en proyectos complejos de infraestructura energética

Capacidades de desarrollo de proyectos:

• Tiempo promedio de desarrollo del proyecto: 24-36 meses
• Inversión total en infraestructura: $ 156.3 millones
• Número de proyectos de energía activa: 7

Enfoque estratégico en los mercados emergentes de energía limpia

Mercado	Asignación de inversión	Potencial de crecimiento
Israel	45%	Alto
Italia	35%	Medio
Mercados emergentes europeos	20%	Alto

Ellomay Capital Ltd. (Ello) - Modelo de negocios: relaciones con los clientes

Relaciones con los inversores a través de informes transparentes

Ellomay Capital Ltd. mantiene las relaciones con los inversores a través de mecanismos precisos de informes financieros:

Métrica de informes	Frecuencia	Plataforma
Informes financieros anuales	Anual	Sitio web de Nasdaq Investor Relations
Declaraciones de ganancias trimestrales	Trimestral	SEC EDGAR Sistema de presentación

Comunicación directa con inversores institucionales y privados

Canales de comunicación:

• Relaciones de inversores dedicadas Correo electrónico: ir@ellomay.com
• Línea directa de los inversores: +972-3-60755555
• Contacto directo a través de formularios de contacto del sitio web de la compañía

Actualizaciones regulares de desempeño financiero

Métricas de actualización de rendimiento financiero a partir de 2024:

Indicador de rendimiento	Valor
Capitalización de mercado	$ 58.3 millones
Ingresos totales	$ 22.1 millones

Compromiso a través de conferencias y presentaciones de inversores

Plataformas de compromiso de los inversores:

• Reunión anual de accionistas
• Llamadas de conferencia trimestrales de ganancias
• Eventos del Día del Inversor Virtual

Mantener fuertes estándares de gobierno corporativo

Métricas de cumplimiento del gobierno corporativo:

Aspecto de gobernanza	Estado de cumplimiento
Miembros de la junta independientes	67% de la junta
Composición del comité de auditoría	3 directores independientes

Ellomay Capital Ltd. (Ello) - Modelo de negocios: canales

Sitio web de relaciones con los inversores

Dominio: Ellomay.com

Característica del sitio web	Detalles
Lenguaje del sitio web	Inglés
Correo electrónico de contacto del inversor	info@ellomay.com
Informes anuales disponibles	Presentaciones de la SEC desde 2014

Listados de bolsa de valores

• Listado principal: Nasdaq
• Símbolo de ticker: ello
• Fecha de listado: marzo de 2014

Plataformas de informes financieros

Plataforma	Frecuencia de informes
Sec Edgar	Informes trimestrales y anuales
Relaciones con inversores NASDAQ	Divulgaciones financieras en tiempo real

Redes de banca de inversión

Relaciones de banca de inversión primaria

• Cantor Fitzgerald
• Aegis Capital

Conferencias de inversión profesional

Nombre de conferencia	Estado de participación	Frecuencia
Conferencia de inversores de Israel	Participante regular	Anual
Cumbre de inversión energética global	Participante ocasional	Bienal

Ellomay Capital Ltd. (Ello) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir de 2024, Ellomay Capital se dirige a inversores institucionales con características de inversión específicas:

Tipo de inversor	Capacidad de inversión	Tamaño de inversión promedio
Fondos de pensiones	$ 50-250 millones	$ 75 millones
Compañías de seguros	$ 30-150 millones	$ 45 millones
Dotaciones universitarias	$ 10-75 millones	$ 25 millones

Fondos de energía renovable

El segmento de clientes del Fondo de Energía Renovable de Ellomay Capital incluye:

• Fondos globales de inversión de energía limpia
• Fondos de infraestructura sostenible
• Plataformas de inversión centradas en el clima

Categoría de fondos	Activos totales bajo administración	Asignación de energía renovable
Fondos globales de energía limpia	$ 5.2 mil millones	38%
Fondos de infraestructura sostenible	$ 3.7 mil millones	52%

Empresas de capital privado

Detalles del segmento de clientes de capital privado:

Tipo firme	Enfoque de inversión	Boleto de inversión promedio
Infraestructura energética Firmas de educación física	Proyectos de energía renovable	$ 85 millones
Firmas de educación física de tecnología limpia	Infraestructura sostenible	$ 65 millones

Inversores conscientes del medio ambiente

Características del segmento:

• Preferencia de inversión de ESG
• Objetivos de reducción de carbono
• Enfoque de sostenibilidad a largo plazo

Segmento de inversores	Volumen de inversión total	Preferencia de energía renovable
Individuos de alto patrimonio	$ 1.2 mil millones	45%
Oficinas familiares	$ 850 millones	62%

Especialistas en inversión de infraestructura energética

Detalles especializados del segmento de inversión:

Categoría especialista	Experiencia en inversión	Tamaño promedio del proyecto
Consultores de infraestructura energética	Proyectos de energía renovable	$ 120 millones
Inversores de energía estratégica	Infraestructura sostenible	$ 95 millones

Ellomay Capital Ltd. (Ello) - Modelo de negocio: Estructura de costos

Desarrollo de proyectos y gastos de adquisición

A partir de 2024, los costos de desarrollo de proyectos de Ellomay Capital para proyectos de energía renovable e infraestructura totalizaron $ 12.4 millones en el año fiscal. Los gastos de adquisición para nuevos activos energéticos fueron de aproximadamente $ 8.7 millones.

Categoría de gastos	Monto ($)
Desarrollo de proyectos solares	5,600,000
Adquisición de infraestructura energética	8,700,000
Costos de evaluación de la tierra	1,200,000

Costos de gestión operacional

Los gastos de gestión operacional para la cartera de energía de Ellomay Capital alcanzaron los $ 6.3 millones en el período de informe.

• Mantenimiento de la planta de energía: $ 2.1 millones
• Personal operativo: $ 1.8 millones
• Mantenimiento del equipo: $ 1.4 millones
• Gestión del sitio: $ 1.0 millones

Inversiones de investigación y debida diligencia

La compañía asignó $ 2.5 millones para actividades de investigación y debida diligencia en 2024.

Enfoque de investigación	Inversión ($)
Análisis de mercado	850,000
Evaluación tecnológica	750,000
Investigación de cumplimiento regulatorio	900,000

Gastos administrativos y de cumplimiento

Los costos administrativos y de cumplimiento para Ellomay Capital totalizaron $ 3.6 millones en el año fiscal.

• Cumplimiento legal y regulatorio: $ 1.2 millones
• Administración corporativa: $ 1.5 millones
• Auditoría e informes financieros: $ 900,000

Inversiones de tecnología e innovación

Los gastos de tecnología e innovación ascendieron a $ 4.2 millones en 2024.

Área de inversión tecnológica	Monto ($)
Tecnología de energía renovable	2,100,000
Infraestructura digital	1,300,000
Investigación de innovación	800,000

Ellomay Capital Ltd. (Ello) - Modelo de negocios: flujos de ingresos

Devoluciones de las operaciones de la planta de energía solar

A partir de 2024, la planta de energía solar de Ellomay Capital en Kibbutz Ketura, Israel, genera aproximadamente 9 MW de electricidad. Los ingresos anuales de esta planta de energía solar se estima en $ 2.1 millones.

Ubicación de la planta de energía solar	Capacidad	Ingresos anuales estimados
Kibbutz Ketura, Israel	9 MW	$ 2.1 millones

Inversiones del proyecto de infraestructura energética

Ellomay Capital ha invertido en múltiples proyectos de infraestructura energética, con una cartera de inversiones total valorada en aproximadamente $ 45.3 millones a partir de las últimas informes financieros.

• Proyecto hidroeléctrico de almacenamiento bombeado en el norte de Israel
• Proyectos de desarrollo de energía solar
• Inversiones de infraestructura de almacenamiento de energía

Ingresos del acuerdo de compra de energía

Los acuerdos de compra de energía de la compañía generan un flujo de ingresos estable de aproximadamente $ 3.5 millones anuales. Estos acuerdos son típicamente contratos a largo plazo con mecanismos de precios fijos.

Tipo de acuerdo	Ingresos anuales	Duración del contrato
Acuerdos de compra de energía	$ 3.5 millones	15-20 años

Apreciación de capital de los activos energéticos

La cartera de activos energéticos de Ellomay Capital ha demostrado una Apreciación de capital de aproximadamente el 7,2% En el último año fiscal, con una valoración total de activos de $ 62.7 millones.

Distribuciones de dividendos potenciales a los accionistas

En el año fiscal más reciente, la compañía distribuyó dividendos por un total de $ 0.45 por acción, lo que representa un pago total de dividendos de aproximadamente $ 1.2 millones a los accionistas.

Dividendo por acción	Pago total de dividendos	Rendimiento de dividendos
$0.45	$ 1.2 millones	2.3%

Ellomay Capital Ltd. (ELLO) - Canvas Business Model: Value Propositions

You're looking at the core strengths Ellomay Capital Ltd. (ELLO) offers to its customers and partners, which really boils down to de-risked, long-term, clean power generation. It's about spreading bets and executing on complex builds, which is key in this sector.

Geographical and technological diversification for risk mitigation

Ellomay Capital Ltd. mitigates risk by operating across distinct energy markets and technology types. As of mid-2025, the footprint spans Europe, Israel, and the USA, specifically mentioning operations or development in Italy, Spain, the Netherlands, Israel, and Texas, USA. This isn't just about geography; it's about mixing revenue sources from solar, biogas, and hydro storage projects.

Here's a snapshot of the operational and development diversification:

Region/Technology	Capacity Metric	Specific Data Point (as of mid-2025)
Italy Solar (Operational)	Capacity	Approximately 38 MW connected to the grid
Spain Solar (Operating)	Capacity (51% owned stake)	Approximately 300 MW photovoltaic plant (Talasol)
USA Solar (Under Construction)	Capacity	Approximately 49 MW in the Dallas Metropolitan area, Texas
Netherlands Biogas	Annual Production	Three facilities with capacities of 3 million, 3.8 million, and 9.5 million Nm3 per year
Israel Pumped Storage	Capacity (83.333% owned)	156 MW Manara Cliff project in advanced construction stages

Stable, long-term energy supply through PPAs and base-load gas power

Securing long-term revenue certainty is a major value proposition, especially given the volatility in European power prices. You see this clearly in the Italian solar portfolio.

• Signed 9-year Power Purchase Agreements (PPAs) with Statkraft for three operating Italian solar plants.
• These PPAs cover 75% of the P50 capacity for these assets, totaling approximately 38 MW.
• Financing for the 198 MW Italian Solar Portfolio has senior secured notes due on December 31, 2047, bearing interest at 4.50% per annum.

The indirect interest in Israel provides a different kind of stability. Ellomay Capital Ltd. 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, covering about 6%-8% of Israel's total current electricity consumption.

Clean energy generation from solar and biogas assets

The core business is generating clean power. As of the first half of 2025, total assets stood at approximately €729.3 million. The company is actively bringing capacity online.

For instance, revenues for the six months ended June 30, 2025, were approximately €20.1 million, with increases attributed to new Italian solar facilities connected to the grid in early 2025. Specifically, an 18.1 MW Italian solar facility connected in January 2025 contributed to this.

The development pipeline is substantial, aiming to convert ready-to-build projects into operating assets:

• The Italian Solar Portfolio includes approximately 160 MW that reached ready-to-build status, for which construction agreements were executed.
• The Company has approximately 50 MW of additional solar projects intended for construction in the USA during 2025.

Development expertise to bring complex, large-scale projects to grid connection

Bringing large projects to the grid requires significant financial structuring and execution capability. A prime example is the financing secured for the Italian Solar Portfolio.

Ellomay Holdings Luxembourg Sarl secured project financing of up to €110 million for the 198 MW Italian Solar Portfolio. This financing is structured via senior secured notes issued in multiple tranches during construction. Furthermore, the Israeli Manara Cliff Pumped Storage Project, with a capacity of 156 MW, is in advanced construction stages, demonstrating capability in complex, large-scale infrastructure development.

Contribution to grid stability via natural gas and BESS development

While primarily solar-focused, Ellomay Capital Ltd. addresses grid stability concerns through its gas asset interest and planned Battery Energy Storage Systems (BESS).

The Dorad power plant in Israel, which uses natural gas, received approval to increase its capacity by an additional 650 MW. Separately, the company plans to install batteries in solar projects across the USA, Spain, and Italy to manage energy transfer from off-peak to peak hours. This BESS integration is a direct response to grid volatility, such as that seen in Spain due to renewable energy surpluses.

Finance: draft 13-week cash view by Friday.

Ellomay Capital Ltd. (ELLO) - Canvas Business Model: Customer Relationships

You're structuring the relationships Ellomay Capital Ltd. maintains with its key stakeholders, which is crucial for securing long-term revenue stability in the power sector. Here is the breakdown of those customer relationships as of late 2025.

Dedicated Key Account Management for Utility and Institutional Off-takers

The relationship management focuses heavily on securing long-term, creditworthy counterparties for power sales and attracting institutional capital. The collaboration with Statkraft, noted as one of Europe's most respected and experienced offtakers, strengthens the foundation of key deals.

The nature of these relationships can be summarized by the counterparties involved in recent agreements:

• Statkraft signed long-term (9-year) Power Purchase Agreements (PPAs) for 51% of approximately 38 MW of operating solar plants in Italy.
• The July 2025 private placement of ordinary shares for approximately NIS 50 million involved commitments from several Israeli institutional and classified investors, including an affiliate of Menora Mivtachim Holdings Ltd.
• The December 2025 private placement of Series G debentures involved commitments from Israeli classified investors, raising gross proceeds of approximately NIS 136.5 million.

Long-term Contractual Relationships via PPAs (e.g., Talasol 80% PPA)

Long-term contracts provide the backbone of revenue predictability, which is essential for financing large infrastructure assets. The structure of these agreements varies by project and jurisdiction.

Here's a look at the contractual stability across key assets:

Project/Portfolio Segment	Capacity/Scope Reference	PPA/Contract Type & Duration	Secured Percentage
Talasol Solar Plant (Spain)	Portion of output	Financial power swap (Talasol PPA)	Approximately 80%
Italian Solar Plants (38 MW operational)	Capacity at P50	Long-term PPA with Statkraft (9-year)	75%
Ellomay 11 Project (Italy)	Total production	20-year two-way Contract for Difference (CfD)	75%

For the Ellomay 11 project, the total supported price is €67.7/MWh, with expected total revenues over the 20-year duration estimated at approximately €180,000,000. The tariff indexing for this project is 100% indexed from July 2025 until Commercial Operation Date (COD), and 20% indexed to the Italian CPI thereafter.

Transactional Sales for Electricity Sold on the Spot Market

While long-term contracts dominate the secured revenue base, a portion of production is exposed to merchant pricing, which represents the transactional customer relationship with the wholesale electricity market.

• The Ellomay 11 project is structured such that the remaining 25% of its total production will be sold under merchant pricing.

Investor Relations for Capital Raising and Shareholder Communication

Ellomay Capital Ltd. actively engages with its investor base, primarily through capital markets activities on the Tel Aviv Stock Exchange (TASE) and NYSE American, to fund growth. The total assets as of June 30, 2025, stood at approximately €729.3 million.

Key capital raising activities in 2025 include:

• February 2025 Israeli public offering of Series G Debentures yielded net proceeds of approximately NIS 211.7 million (about €56.7 million at issuance).
• July 2025 private placement of 926,000 ordinary shares at NIS 54 per share, raising gross proceeds of approximately NIS 50 million.
• December 2025 private placement of Series G debentures, raising gross proceeds of approximately NIS 136.5 million (par value NIS 130,000,000).

Financial performance metrics relevant to shareholder communication for the first half of 2025 include revenues of approximately €20.1 million and cash provided by operating activities of approximately €5.1 million for Q1 2025. For Q2 2025, revenues were approximately €11.3 million, and EBITDA was approximately €3.2 million.

Regulatory Engagement for Project Permits and Grid Connection

Engaging with regulatory bodies is a critical relationship for securing the right to build and operate assets, effectively turning development pipeline into contracted capacity. This involves securing permits, grid access, and favorable tariff structures.

Milestones in regulatory engagement include:

• The Dorad power plant received approval from the National Infrastructures Committee and a positive connection survey to increase capacity by an additional 650 MW.
• Zoning approval was secured for the Talmei Yosef Storage Project in Batteries, intended for approximately 400 MW/hour of high voltage storage regulation.
• The Company estimates approximately 53 MW of Italian solar projects are expected to receive construction permits in the near term.

Ellomay Capital Ltd. (ELLO) - Canvas Business Model: Channels

You're looking at how Ellomay Capital Ltd. (ELLO) gets its power and gas to market, which is really about where they connect their assets. It's a mix of direct sales, grid connections, and specific gas market channels. Here's the breakdown based on what they reported through mid-to-late 2025.

National and Regional Electricity Grids (Spain, Italy, Israel, USA)

The physical delivery of electricity flows through the established grids in the regions where Ellomay Capital Ltd. operates its solar and storage assets. The scale of these connections is substantial across their portfolio.

• Spain operating solar capacity: Approx. 335.9 MW, which includes 51% of the 300 MW Talasol plant.
• Italy operating solar capacity: 51% ownership in approx. 38 MW.
• USA operating solar capacity (Texas): Approx. 27 MW connected to the grid, with an additional 22 MW awaiting connection.
• Israel: An approx. 9 MW photovoltaic power plant.
• Italy pipeline: 160 MW under advanced construction, 130 MW at Ready-to-Build status, and approx. 53 MW expected to receive near-term construction permits.

Direct Power Purchase Agreements (PPAs) with institutional off-takers

Securing long-term contracts is key for stability, and Ellomay Capital Ltd. has been actively locking in revenue streams. You can see this strategy clearly in their Italian portfolio.

• Italian PPA coverage: A recent 9-year PPA with Statkraft covers 75% of the capacity (at P50) for three operating solar plants totaling approx. 38 MW.
• Talasol PPA hedge: A financial power swap covers approx. 80% of the Talasol Project's output for a 10-year period.
• New Italian Project Revenue Certainty: The recently awarded 79.5 MWp Ellomay 11 project has an expected total revenue of approx. €180,000,000 over its 20-year duration, supported by a fixed price tariff of €67.7/MWh.

Spot Market Sales for residual electricity production

When power isn't covered by a PPA, it hits the merchant or spot market. This exposes Ellomay Capital Ltd. to price volatility, as seen in past periods.

Market Exposure Area	Observation/Impact	Relevant Financial Period
Spain Solar Assets	Experienced low and even negative electricity prices	First half of 2024
Talasol Project Output	Expected to be sold in the open market for the then current market power price (residual to PPA)	Ongoing

Green Gas Distribution Networks in the Netherlands

The Dutch operations channel biomethane into the gas grid, with profitability significantly tied to regulatory support mechanisms for green certificates.

The blending obligation for green gas is set to commence in January 2027, and agreements are already signed for green certificates at a price of approx. €1 per certificate. This is expected to boost profitability at the current production capacity, which is expected to increase from 16 million cubic meters of gas per year.

The combined nameplate capacity across the three project companies is substantial:

• Groen Gas Gelderland B.V. capacity: Approx. 9.5 million Nm3 per year.
• Groen Gas Oude-Tonge B.V. capacity: Approx. 3.8 million Nm3 per year.
• Groen Gas Goor B.V. capacity: Approx. 3 million Nm3 per year.

Project-specific financing institutions for debt and equity

Securing project finance is a critical channel for funding development and construction, often involving a mix of debt and equity partners specific to each asset class or region.

For the 198 MW solar projects in Italy, Ellomay Capital Ltd. executed a financing agreement with a Loan-to-Cost (LTC) ratio of approx. 60%, structured over 23 years at a fixed annual interest rate of 4.5%. Clal Insurance entered as a partner with a 49% stake in this portfolio for an investment of approx. EUR 53 million.

Historically, for the Oude Tonge Project in the Netherlands, Coöperatieve Rabobank U.A. provided financing tranches, including loans of €3.15 million and €1.7 million at a fixed annual interest rate of 3.1% for the first five years.

As of June 30, 2025, Ellomay Capital Ltd.'s total assets stood at approximately €729.3 million.

Ellomay Capital Ltd. (ELLO) - Canvas Business Model: Customer Segments

Institutional Investors and Project Co-investors (e.g., Clal Insurance)

• Clal Insurance received a 49% interest in the 198 MW Italian solar portfolio in June 2025.
• Clal committed to invest approximately €52 million in the Italian solar portfolio.
• Ellomay received approximately €21 million upon consummation of the Clal transaction.
• A European institutional investor is providing up to €110 million in project financing for the 198 MW Italian Solar Portfolio via senior secured notes at 4.50% per annum interest, maturing on December 31, 2047.
• In July 2025, a private placement to Israeli institutional and classified investors raised gross proceeds of approximately NIS 50 million.
• The share price in the July 2025 private placement was set at NIS 54 (approximately $16.3).

Green Gas Distributors and Certificate Buyers in the Netherlands

Project Company	Green Gas Production Capacity (Million Nm3 per year)	Green Certificates Price (per certificate)
Groen Gas Goor B.V.	3 million	Approximately €1
Groen Gas Oude-Tonge B.V.	3.8 million	The blending obligation regulation commences January 2027.
Groen Gas Gelderland B.V.	9.5 million	Dutch subsidiaries generate approximately 16 million green certificates a year.

Israeli End Consumers (indirectly via Dorad Power Plant)

• Ellomay holds a 9.375% indirect interest in Dorad Energy Ltd.
• Dorad's production capacity is approximately 850 MW.
• Dorad's capacity represents about 6%-8% of Israel's total current electricity consumption.
• Approvals were received to increase Dorad's capacity from 850 MW to approximately 1,500 MW.
• Ellomay Luzon Energy is expected to purchase 7.5% of Dorad's shares based on a total Dorad value of NIS 2.8 billion.

National and Regional Utilities/Grid Operators (primary off-takers)

• The 300 MW Talasol PV Plant in Spain has its output covered by a PPA for approximately 80%.
• The 28 MW Spanish solar project secured financing for 16 years at a fixed annual interest rate of approximately 3%.
• In Italy, a 198 MW solar portfolio includes approximately 38 MW already connected and operating.

Large Industrial and Commercial Electricity Consumers (via PPAs)

• Solar + storage projects in Israel (Komemiyut and Qelahim) each include 21 MW solar and 50 MW/hour batteries.
• In the USA, Ellomay has approximately 27 MW of connected solar projects and an additional 22 MW awaiting connection to the grid.

Ellomay Capital Ltd. (ELLO) - Canvas Business Model: Cost Structure

You're looking at the costs Ellomay Capital Ltd. incurs to keep its renewable energy portfolio running and to fuel its development pipeline. Honestly, for a company like Ellomay, the cost structure is heavily weighted toward project-level financing and the upfront work of getting new solar and battery storage projects shovel-ready.

Here's a quick look at the major expense categories based on the first half of 2025 results (six months ended June 30, 2025). It's important to remember that project development costs often shift into capital expenditures once construction starts, which is a key dynamic here.

Cost Category	Amount (Six Months Ended June 30, 2025)
Project Development Costs	€2.9 million
General and Administrative Expenses	€3.4 million
Operating Expenses (Total)	€9.2 million

Project development costs for the six months ended June 30, 2025, hit approximately €2.9 million, up from about €2.3 million for the same period in 2024. This increase is mainly tied to development expenses for solar projects in the USA and Italy. You see, getting those projects to the point where they can start construction is where a lot of that early cash goes.

General and administrative expenses were reported at approximately €3.4 million for the first half of 2025, an increase from roughly €3 million in H1 2024, largely due to higher consultancy expenses. That's a fixed cost you have to cover regardless of project success, so it's something to watch closely.

Operating expenses, which cover the day-to-day running of existing assets, totaled about €9.2 million for the six months ended June 30, 2025. That's actually a slight decrease from the €9.5 million in H1 2024. The main reason for the drop is lower costs related to the acquisition of feedstock for the Dutch biogas plants, though this was partially offset by starting to record operating expenses for the 19.8 MW Italian solar facility after it achieved its preliminary acceptance certificate.

Financing expenses are a major component, though they aren't aggregated in the same way as the line items above for the six-month period. For the first quarter of 2025 (three months ended March 31, 2025), we can see the specific interest burdens:

• Financing expenses in connection with projects finance: approximately €1,487 thousand.
• Financing expenses in connection with debentures: approximately €1,883 thousand.

Regarding capital expenditures for construction of new solar and BESS capacity, while a specific CapEx figure for construction in H1 2025 isn't explicitly stated as a single number, the pipeline activity points to future spending. For instance, agreements were in place for 160 MW ready-to-build projects where construction was expected to start in Q1 2025, contingent on financing agreements, which signals where the large capital outlays are headed. Also, note the forfeiture of guarantee of NIS 1.8 million related to waiving rights on certain battery projects, which is a sunk cost in the development phase.

Ellomay Capital Ltd. (ELLO) - Canvas Business Model: Revenue Streams

The revenue streams for Ellomay Capital Ltd. (ELLO) are derived from the generation and sale of renewable energy, as well as the monetization of tax incentives.

Revenues for H1 2025 totaled approximately €20.1 million, representing an increase of approximately 3.5% compared to the corresponding half in the prior year.

The core revenue components include:

• Sale of electricity under long-term PPAs (fixed price)
• Sale of electricity on the spot market (variable price)
• Sale of green gas and green certificates (Netherlands)

The structure of electricity sales in 2024 indicated that 80% of the production from the Talasol project was sold under a fixed price Power Purchase Agreement (PPA), with the balance sold directly to the grid at spot prices.

For the Netherlands operations, agreements have been signed for the sale of green certificates issued under the new regulation at a price of approximately €1 per certificate. The Dutch subsidiaries generate approximately 16 million green certificates a year based on current production capacity.

A significant, non-recurring revenue event involves the monetization of US tax benefits. Ellomay Capital Ltd. expects to receive approximately USD 19 million from the sale of Investment Tax Credits (ITCs) linked to its Texas solar projects, which represents approximately 32% of the expected total portfolio costs for those assets. The company retains 100% of the operating profits from these projects.

Here is a summary of key financial figures related to revenue streams:

Revenue Component/Period	Amount	Context/Period
Total Revenues	€20.1 million	Six months ended June 30, 2025 (H1 2025)
Sale of Tax Benefits (Expected)	USD 19 million	Agreement for Texas Solar Projects ITCs
Green Certificates Price	Approximately €1 per certificate	Agreements signed under new Dutch regulation
Annual Green Certificates Capacity	Approximately 16 million	Dutch subsidiaries' current production capacity
Electricity Revenues	Approximately €18.7 million	Nine months ended September 30, 2024

The structure of electricity sales in 2024 showed that the revenue from the sale of electricity was approximately €18.7 million for the nine months ended September 30, 2024.

The company's total revenues for the full year ended December 31, 2024, were approximately €40.5 million.