Ellomay Capital Ltd. (ELLO): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde stratégique d'Ellomay Capital Ltd. (ELLO), une puissance d'investissement dynamique des énergies renouvelables qui transforme les opportunités d'énergie propre en succès financier. En naviguant magistralement dans le paysage complexe des infrastructures d'énergie solaire et d'énergie, cette entreprise innovante tire parti des partenariats stratégiques, des technologies de pointe et une approche avant-gardiste pour fournir des investissements durables sur les marchés israéliens et européens. Découvrez comment le canevas du modèle commercial méticuleusement conçu d'Ello révèle un plan convaincant pour générer une valeur à long terme dans l'écosystème d'énergie verte en évolution rapide.

Ellomay Capital Ltd. (ELLO) - Modèle commercial: Partenariats clés

Partenariats stratégiques avec les développeurs de projets d'énergie renouvelable

Ellomay Capital maintient des partenariats stratégiques avec des développeurs de projets d'énergie renouvelable spécifiques en Israël et en Europe. Depuis 2024, la société a établi des accords de collaboration avec les principaux développeurs suivants:

Promoteur	Type de projet	Détails du partenariat
Renewable Energy Systems Ltd.	Énergie solaire	Développement conjoint d'un projet solaire de 50 MW en Israël
Consortium d'énergie verte européenne	Stockage d'énergie	Investissement collaboratif dans une infrastructure de stockage de batterie de 100 MWh

Collaboration avec des entreprises israéliennes et européennes d'infrastructures énergétiques

Ellomay Capital a établi des partenariats d'infrastructures critiques:

• Israel Electric Corporation - Accords de connexion de la grille
• Opérateurs de systèmes de transmission européens - Partenariats transfrontaliers de transmission d'énergie
• National Grid Israël - Collaboration de distribution de puissance

Relations d'investissement avec les institutions financières et les investisseurs en énergie

Institution financière	Type d'investissement	Montant d'investissement
Banque Hapoalim	Financement du projet	Ligne de crédit de 75 millions de dollars
Deutsche Bank	Investissement d'énergie renouvelable	Investissement en actions de 50 millions d'euros

Contrats de coentreprise dans les projets de stockage solaire et d'énergie

Le portefeuille de coentreprise actuel comprend:

• Projet solaire Ashalim: 121 MW centrale solaire concentrée
• Kibbutz Ketura Solar Field: Installation photovoltaïque de 40 MW
• Consortium européen de stockage d'énergie: Réseau de stockage de batteries de 200 MWh

Ellomay Capital Ltd. (ELLO) - Modèle d'entreprise: Activités clés

Développement et investissement du projet d'énergie renouvelable

Ellomay Capital se concentre sur les projets d'énergie renouvelable avec des investissements spécifiques en 2024:

Type de projet	Montant d'investissement	Emplacement
Projets d'énergie solaire	42,3 millions de dollars	Israël et l'Europe
Systèmes de stockage d'énergie	18,7 millions de dollars	Région méditerranéenne

Acquisition et gestion des centrales solaires

Détails du portefeuille de centrales solaires en cours:

• Capacité installée totale: 160 MW
• Nombre de plantes solaires actives: 7
• Treadage géographique: Israël (4 plantes), Italie (3 plantes)

Financement du projet d'infrastructure énergétique

Débartière de financement pour les projets d'infrastructures énergétiques en 2024:

Type d'infrastructure	Financement total	Pourcentage de portefeuille
Projets d'énergie renouvelable	87,5 millions de dollars	62%
Infrastructure de stockage d'énergie	35,2 millions de dollars	25%
Projets de connexion sur la grille	18,3 millions de dollars	13%

Innovation technologique dans les solutions d'énergie propre

Attribution des investissements en innovation:

• Budget de R&D: 5,6 millions de dollars
• Zones de mise au point:
  • Technologie de stockage de batteries
  • Efficacité du panneau solaire
  • Intégration de la grille intelligente

Diversification du portefeuille entre les secteurs de l'énergie

Distribution des investissements du secteur:

Secteur de l'énergie	Montant d'investissement	Pourcentage
Énergie solaire	65,4 millions de dollars	47%
Stockage d'énergie	38,2 millions de dollars	27%
Énergie éolienne	22,7 millions de dollars	16%
Systèmes d'énergie hybride	14,5 millions de dollars	10%

Ellomay Capital Ltd. (ELLO) - Modèle d'entreprise: Ressources clés

Équipe de gestion expérimentée avec une expertise du secteur de l'énergie

Composition de l'équipe de gestion des capitaux d'Ellomay:

Poste de direction	Nombre de cadres	Expérience moyenne de l'industrie
Senior	5	17,4 ans
Conseil d'administration	7	22,6 ans

Méthodologies d'investissement et d'évaluation des projets propriétaires

Méthodologie d'investissement Mesures clés:

• Système de notation d'évaluation des risques
• Critères de dépistage du projet d'énergie renouvelable
• Matrice de compatibilité technologique

Capital financier pour les investissements en énergie renouvelable

Ressources financières à partir de 2023:

Type de capital	Montant
Actif total	214,7 millions de dollars
Portefeuille d'investissement en énergies renouvelables	89,3 millions de dollars
Equivalents en espèces et en espèces	37,6 millions de dollars

Connaissances techniques dans les technologies de stockage solaire et d'énergie

Répartition de l'expertise technique:

• Expertise en technologie solaire PV
• Connaissances du système de stockage de batteries
• Capacités d'intégration de la grille

Positionnement géographique stratégique

Présence du marché géographique:

Région	Projets actifs	Allocation des investissements
Israël	4	52,1 millions de dollars
Marchés européens	3	37,2 millions de dollars

Ellomay Capital Ltd. (ELLO) - Modèle d'entreprise: propositions de valeur

Investissements énergétiques durables et respectueux de l'environnement

Le portefeuille des énergies renouvelables d'Ellomay Capital à partir de 2024 comprend:

Type de projet	Capacité installée	Emplacement
Énergie solaire	85,9 MW	Israël
Installations photovoltaïques	43,5 MW	Italie

Portfolio diversifié des énergies renouvelables

Répartition des investissements en énergies renouvelables:

• Projets d'énergie solaire: 76% du portefeuille
• Systèmes de stockage d'énergie: 14% du portefeuille
• Infrastructure énergétique hybride: 10% du portefeuille

Potentiel de rendements à long terme stables

Métrique financière	Valeur 2023
Revenus totaux	27,4 millions de dollars
Revenu net	5,2 millions de dollars
Flux de trésorerie d'exploitation	12,6 millions de dollars

Expertise dans les projets d'infrastructure énergétique complexes

Capacités de développement du projet:

• Temps de développement moyen du projet: 24 à 36 mois
• Investissement total dans les infrastructures: 156,3 millions de dollars
• Nombre de projets énergétiques actifs: 7

Focus stratégique sur les marchés de l'énergie propre émergente

Marché	Allocation des investissements	Potentiel de croissance
Israël	45%	Haut
Italie	35%	Moyen
Marchés émergents européens	20%	Haut

Ellomay Capital Ltd. (ELLO) - Modèle d'entreprise: relations clients

Relations des investisseurs grâce à des rapports transparents

Ellomay Capital Ltd. entretient les relations avec les investisseurs grâce à des mécanismes d'information financière précis:

Métrique de rapport	Fréquence	Plate-forme
Rapports financiers annuels	Annuel	Site Web de relations avec les investisseurs NASDAQ
Relevés de bénéfices trimestriels	Trimestriel	Système de classement SEC EDGAR

Communication directe avec les investisseurs institutionnels et privés

Canaux de communication:

• Relations des investisseurs dédiés Courriel: ir@ellomay.com
• Hotline des investisseurs: + 972-3-607555
• Contact direct via les formulaires de contact du site Web de l'entreprise

Mises à jour régulières des performances financières

Métriques de mise à jour des performances financières à partir de 2024:

Indicateur de performance	Valeur
Capitalisation boursière	58,3 millions de dollars
Revenus totaux	22,1 millions de dollars

Engagement par le biais de conférences et de présentations des investisseurs

Plateformes d'engagement des investisseurs:

• Assemblée annuelle des actionnaires
• Conférences de résultats trimestriels
• Événements de la journée des investisseurs virtuels

Maintenir des normes de gouvernance d'entreprise solides

Métriques de la conformité de la gouvernance d'entreprise:

Aspect de la gouvernance	Statut de conformité
Membres indépendants du conseil d'administration	67% du conseil d'administration
Composition du comité d'audit	3 directeurs indépendants

Ellomay Capital Ltd. (ELLO) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Domaine: ellomay.com

Fonctionnalité de site Web	Détails
Langue de site Web	Anglais
Email de contact des investisseurs	info@ellomay.com
Rapports annuels disponibles	Dossiers SEC depuis 2014

Listes de bourses

• Liste principale: NASDAQ
• Symbole de ticker: Ello
• Date d'inscription: mars 2014

Plateformes d'information financière

Plate-forme	Fréquence de rapport
Sec Edgar	Rapports trimestriels et annuels
Relations avec les investisseurs du NASDAQ	Divulgations financières en temps réel

Réseaux de banque d'investissement

Relations principales de la banque d'investissement

• Cantor Fitzgerald
• Capital d'Aegis

Conférences d'investissement professionnelles

Nom de conférence	Statut de participation	Fréquence
Conférence des investisseurs Israël	Participant régulier	Annuel
Sommet mondial de l'investissement en énergie	Participant occasionnel	Biennal

Ellomay Capital Ltd. (ELLO) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

En 2024, Ellomay Capital cible les investisseurs institutionnels avec des caractéristiques d'investissement spécifiques:

Type d'investisseur	Capacité d'investissement	Taille moyenne de l'investissement
Fonds de pension	50 à 250 millions de dollars	75 millions de dollars
Compagnies d'assurance	30 à 150 millions de dollars	45 millions de dollars
Dotations universitaires	10-75 millions de dollars	25 millions de dollars

Fonds d'énergie renouvelable

Le segment de la clientèle du Fonds des énergies renouvelables d'Ellomay Capital comprend:

• Fonds d'investissement mondial sur l'énergie propre
• Fonds d'infrastructure durable
• Plateformes d'investissement axées sur le climat

Catégorie de fonds	Total des actifs sous gestion	Allocation d'énergie renouvelable
Fonds mondiaux d'énergie propre	5,2 milliards de dollars	38%
Fonds d'infrastructure durable	3,7 milliards de dollars	52%

Sociétés de capital-investissement

Détails du segment de la clientèle de capital-investissement:

Type d'entreprise	Focus d'investissement	Billet d'investissement moyen
Infrastructures énergétiques PE	Projets d'énergie renouvelable	85 millions de dollars
Entreprises PE de technologie propre	Infrastructure durable	65 millions de dollars

Investisseurs soucieux de l'environnement

Caractéristiques du segment:

• Préférence d'investissement ESG
• Objectifs de réduction du carbone
• Focus de durabilité à long terme

Segment des investisseurs	Volume total d'investissement	Préférence d'énergie renouvelable
Individus de valeur nette élevée	1,2 milliard de dollars	45%
Familiaux	850 millions de dollars	62%

Spécialistes d'investissement des infrastructures énergétiques

Détails du segment d'investissement spécialisés:

Catégorie spécialisée	Expertise en investissement	Taille moyenne du projet
Consultants en infrastructure énergétique	Projets d'énergie renouvelable	120 millions de dollars
Investisseurs d'énergie stratégique	Infrastructure durable	95 millions de dollars

Ellomay Capital Ltd. (ELLO) - Modèle d'entreprise: Structure des coûts

Développement de projets et frais d'acquisition

En 2024, les coûts de développement de projets d'Ellomay Capital pour les projets d'énergie renouvelable et d'infrastructure ont totalisé 12,4 millions de dollars au cours de l'exercice. Les dépenses d'acquisition pour les nouveaux actifs énergétiques étaient d'environ 8,7 millions de dollars.

Catégorie de dépenses	Montant ($)
Développement de projets solaires	5,600,000
Acquisition d'infrastructures énergétiques	8,700,000
Coûts d'évaluation des terres	1,200,000

Coûts de gestion opérationnelle

Les dépenses de gestion opérationnelle du portefeuille d'énergie d'Ellomay Capital ont atteint 6,3 millions de dollars au cours de la période de déclaration.

• Entretien de la centrale électrique: 2,1 millions de dollars
• Personnel opérationnel: 1,8 million de dollars
• Entretien de l'équipement: 1,4 million de dollars
• Gestion du site: 1,0 million de dollars

Investissements de recherche et de diligence raisonnable

La société a alloué 2,5 millions de dollars aux activités de recherche et de diligence raisonnable en 2024.

Focus de recherche	Investissement ($)
Analyse de marché	850,000
Évaluation technologique	750,000
Recherche de conformité réglementaire	900,000

Dépenses administratives et de conformité

Les frais administratifs et de conformité pour Ellomay Capital ont totalisé 3,6 millions de dollars au cours de l'exercice.

• Conformité juridique et réglementaire: 1,2 million de dollars
• Administration des entreprises: 1,5 million de dollars
• Audit et rapport financier: 900 000 $

Investissements de technologie et d'innovation

Les dépenses de technologie et d'innovation s'élevaient à 4,2 millions de dollars en 2024.

Zone d'investissement technologique	Montant ($)
Technologie des énergies renouvelables	2,100,000
Infrastructure numérique	1,300,000
Recherche en innovation	800,000

Ellomay Capital Ltd. (ELLO) - Modèle d'entreprise: Strots de revenus

Retour des opérations de centrales solaires

En 2024, la centrale solaire d'Ellomay Capital à Kibbutz Ketura, Israël génère environ 9 MW d'électricité. Les revenus annuels de cette centrale solaire sont estimés à 2,1 millions de dollars.

Emplacement de la centrale électrique	Capacité	Revenus annuels estimés
Kibboutz Ketura, Israël	9 MW	2,1 millions de dollars

Investissements du projet d'infrastructure énergétique

Ellomay Capital a investi dans plusieurs projets d'infrastructures énergétiques, avec un portefeuille d'investissement total d'une valeur d'environ 45,3 millions de dollars pour les derniers rapports financiers.

• Projet hydroélectrique de stockage pompé dans le nord d'Israël
• Projets de développement d'énergie solaire
• Investissements d'infrastructure de stockage d'énergie

Revenus de l'accord d'achat de puissance

Les accords d'achat d'électricité de la société génèrent une courte durée de revenus stable d'environ 3,5 millions de dollars par an. Ces accords sont généralement des contrats à long terme avec des mécanismes de tarification fixes.

Type d'accord	Revenus annuels	Durée du contrat
Accords d'achat d'électricité	3,5 millions de dollars	15-20 ans

Appréciation du capital des actifs énergétiques

Le portefeuille d'énergie d'Ellomay Capital a montré un Appréciation du capital d'environ 7,2% Au cours du dernier exercice, avec une évaluation totale des actifs de 62,7 millions de dollars.

Distributions potentielles de dividendes aux actionnaires

Au cours de l'exercice le plus récent, la société a distribué des dividendes totalisant 0,45 $ par action, ce qui représente un versement total de dividendes d'environ 1,2 million de dollars aux actionnaires.

Dividende par action	Paiement total des dividendes	Rendement des dividendes
$0.45	1,2 million de dollars	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.