Ellomay Capital Ltd. (Ello): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico da Ellomay Capital Ltd. (Ello), uma potência dinâmica de investimento em energia renovável que transforma oportunidades de energia limpa em sucesso financeiro. Ao navegar magistralmente no cenário complexo da infraestrutura de energia e energia solar, esta empresa inovadora aproveita parcerias estratégicas, tecnologias de ponta e uma abordagem de visão de futuro para oferecer investimentos sustentáveis ​​nos mercados israelenses e europeus. Descubra como o modelo de negócios meticulosamente criado de Ello, a Canvas, revela um plano atraente para gerar valor de longo prazo no ecossistema de energia verde em rápida evolução.

Ellomay Capital Ltd. (Ello) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com desenvolvedores de projetos de energia renovável

A Ellomay Capital mantém parcerias estratégicas com desenvolvedores específicos de projetos de energia renovável em Israel e Europa. A partir de 2024, a empresa estabeleceu acordos colaborativos com os seguintes desenvolvedores -chave:

Desenvolvedor	Tipo de projeto	Detalhes da parceria
Systems de energia renovável Ltd.	Energia solar	Desenvolvimento conjunto do projeto solar de 50 MW em Israel
Consórcio Europeu de Energia Verde	Armazenamento de energia	Investimento colaborativo na infraestrutura de armazenamento de bateria de 100 MWh

Colaboração com empresas israelenses e de infraestrutura de energia européia

A Ellomay Capital estabeleceu parcerias críticas de infraestrutura:

• Israel Electric Corporation - Acordos de conexão de grade
• Operadores de sistemas de transmissão europeia - parcerias transfronteiriço de transmissão de energia
• National Grid Israel - Colaboração de distribuição de energia

Relações de investimento com instituições financeiras e investidores de energia

Instituição financeira	Tipo de investimento	Valor do investimento
Banco Hapoalim	Financiamento do projeto	Linha de crédito de US $ 75 milhões
Deutsche Bank	Investimento de energia renovável	€ 50 milhões de investimentos em ações

Acordos de joint venture em projetos de armazenamento solar e de energia

O portfólio atual de joint venture inclui:

• Projeto solar Ashalim: 121 MW Planta solar concentrada
• KIBBUTZ KETURA SOLAR CAMPO: Instalação fotovoltaica de 40 MW
• Consórcio Europeu de Armazenamento de Energia: Rede de armazenamento de bateria de 200 MWh

Ellomay Capital Ltd. (Ello) - Modelo de negócios: Atividades -chave

Desenvolvimento e investimento em projetos de energia renovável

A Ellomay Capital se concentra em projetos de energia renovável com investimentos específicos a partir de 2024:

Tipo de projeto	Valor do investimento	Localização
Projetos de energia solar	US $ 42,3 milhões	Israel e Europa
Sistemas de armazenamento de energia	US $ 18,7 milhões	Região Mediterrânea

Aquisição e gerenciamento de usina solar

Detalhes atuais do portfólio da usina solar:

• Capacidade total instalada: 160 MW
• Número de plantas solares ativas: 7
• Espalhamento geográfico: Israel (4 plantas), Itália (3 plantas)

Financiamento do projeto de infraestrutura energética

Redução de financiamento para projetos de infraestrutura de energia em 2024:

Tipo de infraestrutura	Financiamento total	Porcentagem de portfólio
Projetos de energia renovável	US $ 87,5 milhões	62%
Infraestrutura de armazenamento de energia	US $ 35,2 milhões	25%
Projetos de conexão de grade	US $ 18,3 milhões	13%

Inovação tecnológica em soluções de energia limpa

Alocação de investimentos em inovação:

• Orçamento de P&D: US $ 5,6 milhões
• Áreas de foco:
  • Tecnologia de armazenamento de bateria
  • Eficiência do painel solar
  • Integração de grade inteligente

Diversificação de portfólio em setores de energia

Distribuição do investimento setorial:

Setor de energia	Valor do investimento	Percentagem
Energia solar	US $ 65,4 milhões	47%
Armazenamento de energia	US $ 38,2 milhões	27%
Energia eólica	US $ 22,7 milhões	16%
Sistemas de energia híbrida	US $ 14,5 milhões	10%

Ellomay Capital Ltd. (Ello) - Modelo de negócios: Recursos -chave

Equipe de gerenciamento experiente com experiência no setor de energia

Composição da equipe de gerenciamento de capital Ellomay:

Posição de liderança	Número de executivos	Experiência média do setor
Gestão sênior	5	17,4 anos
Conselho Administrativo	7	22,6 anos

Metodologias de investimento e avaliação de projetos proprietários

Metodologia de investimento Métricas -chave:

• Sistema de pontuação de avaliação de risco
• Critérios de triagem de projeto de energia renovável
• Matriz de compatibilidade de tecnologia

Capital financeiro para investimentos em energia renovável

Recursos Financeiros a partir de 2023:

Tipo de capital	Quantia
Total de ativos	US $ 214,7 milhões
Portfólio de investimento em energia renovável	US $ 89,3 milhões
Caixa e equivalentes de dinheiro	US $ 37,6 milhões

Conhecimento técnico em tecnologias de armazenamento solar e de energia

Aparecimento de experiência técnica:

• Experiência em tecnologia fotovoltaica solar
• Conhecimento do sistema de armazenamento de bateria
• Capacidades de integração da grade

Posicionamento geográfico estratégico

Presença do mercado geográfico:

Região	Projetos ativos	Alocação de investimento
Israel	4	US $ 52,1 milhões
Mercados europeus	3	US $ 37,2 milhões

Ellomay Capital Ltd. (Ello) - Modelo de negócios: proposições de valor

Investimentos de energia sustentável e ambientalmente responsável

O portfólio de energia renovável da Ellomay Capital, a partir de 2024, inclui:

Tipo de projeto	Capacidade instalada	Localização
Energia solar	85,9 MW	Israel
Instalações fotovoltaicas	43,5 MW	Itália

Portfólio de energia renovável diversificada

Repartição de investimento energético renovável:

• Projetos de energia solar: 76% do portfólio
• Sistemas de armazenamento de energia: 14% do portfólio
• Infraestrutura de energia híbrida: 10% do portfólio

Potencial para retornos estáveis ​​de longo prazo

Métrica financeira	2023 valor
Receita total	US $ 27,4 milhões
Resultado líquido	US $ 5,2 milhões
Fluxo de caixa operacional	US $ 12,6 milhões

Experiência em projetos complexos de infraestrutura energética

Recursos de desenvolvimento de projetos:

• Tempo médio de desenvolvimento do projeto: 24-36 meses
• Investimento total em infraestrutura: US $ 156,3 milhões
• Número de projetos de energia ativa: 7

Foco estratégico em mercados emergentes de energia limpa

Mercado	Alocação de investimento	Potencial de crescimento
Israel	45%	Alto
Itália	35%	Médio
Mercados emergentes europeus	20%	Alto

Ellomay Capital Ltd. (Ello) - Modelo de Negócios: Relacionamentos do Cliente

Relações com investidores por meio de relatórios transparentes

A Ellomay Capital Ltd. mantém as relações com os investidores por meio de mecanismos precisos de relatórios financeiros:

Métrica de relatório	Freqüência	Plataforma
Relatórios financeiros anuais	Anual	Site de relações com investidores da NASDAQ
Declarações de ganhos trimestrais	Trimestral	Sistema de arquivamento Sec Edgar

Comunicação direta com investidores institucionais e privados

Canais de comunicação:

• Relações com investidores dedicados E -mail: ir@ellomay.com
• Linha direta de investidores: +972-3-6075555
• Contato direto através dos formulários de contato do site da empresa

Atualizações regulares de desempenho financeiro

Métricas de atualização de desempenho financeiro a partir de 2024:

Indicador de desempenho	Valor
Capitalização de mercado	US $ 58,3 milhões
Receita total	US $ 22,1 milhões

Engajamento por meio de conferências e apresentações de investidores

Plataformas de engajamento de investidores:

• Reunião anual de acionistas
• Chamadas de conferência de ganhos trimestrais
• Eventos do Dia Virtual do Investidor

Mantendo fortes padrões de governança corporativa

Métricas de conformidade da governança corporativa:

Aspecto de governança	Status de conformidade
Membros independentes do conselho	67% da placa
Composição do comitê de auditoria	3 diretores independentes

Ellomay Capital Ltd. (Ello) - Modelo de Negócios: Canais

Site de Relações com Investidores

Domínio: ellomay.com

Recurso do site	Detalhes
Idioma do site	Inglês
Email de contato com investidores	info@ellomay.com
Relatórios anuais disponíveis	Registros da SEC desde 2014

Listagens de bolsas de valores

• Listagem primária: NASDAQ
• Símbolo do ticker: Ello
• Data de listagem: março de 2014

Plataformas de relatórios financeiros

Plataforma	Frequência de relatório
Sec Edgar	Relatórios trimestrais e anuais
Relações com investidores da NASDAQ	Divulgações financeiras em tempo real

Redes bancárias de investimento

Relacionamentos bancários de investimento primário

• Cantor Fitzgerald
• Aegis Capital

Conferências de investimento profissional

Nome da conferência	Status de participação	Freqüência
Conferência de Investidores de Israel	Participante regular	Anual
Cúpula de investimento em energia global	Participante ocasional	Bienal

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

Investidores institucionais

A partir de 2024, a Ellomay Capital tem como alvo investidores institucionais com características específicas de investimento:

Tipo de investidor	Capacidade de investimento	Tamanho médio de investimento
Fundos de pensão	US $ 50-250 milhões	US $ 75 milhões
Companhias de seguros	US $ 30-150 milhões	US $ 45 milhões
Doações da universidade	US $ 10-75 milhões	US $ 25 milhões

Fundos de energia renovável

O segmento de clientes do fundo de energia renovável da Ellomay Capital inclui:

• Fundos globais de investimento em energia limpa
• Fundos de infraestrutura sustentáveis
• Plataformas de investimento focadas no clima

Categoria de fundo	Total de ativos sob gestão	Alocação de energia renovável
Fundos globais de energia limpa	US $ 5,2 bilhões	38%
Fundos de infraestrutura sustentáveis	US $ 3,7 bilhões	52%

Empresas de private equity

Detalhes do segmento de clientes de private equity:

Tipo de empresa	Foco de investimento	Bilhete de investimento médio
Energy Infrastructure Pe PE	Projetos de energia renovável	US $ 85 milhões
Empresas de PE de tecnologia limpa	Infraestrutura sustentável	US $ 65 milhões

Investidores ambientalmente conscientes

Características do segmento:

• ESG Preferência de investimento
• Objetivos de redução de carbono
• Foco de sustentabilidade de longo prazo

Segmento de investidores	Volume total de investimento	Preferência de energia renovável
Indivíduos de alto patrimônio líquido	US $ 1,2 bilhão	45%
Escritórios familiares	US $ 850 milhões	62%

Especialistas em investimentos em infraestrutura energética

Detalhes especializados do segmento de investimento:

Categoria especializada	Experiência em investimentos	Tamanho médio do projeto
Consultores de infraestrutura de energia	Projetos de energia renovável	US $ 120 milhões
Investidores estratégicos de energia	Infraestrutura sustentável	US $ 95 milhões

Ellomay Capital Ltd. (Ello) - Modelo de negócios: estrutura de custos

Despesas de Desenvolvimento e Aquisição de Projetos

Em 2024, os custos de desenvolvimento de projetos da Ellomay Capital para projetos de energia e infraestrutura renováveis ​​totalizaram US $ 12,4 milhões no ano fiscal. As despesas de aquisição para novos ativos de energia foram de aproximadamente US $ 8,7 milhões.

Categoria de despesa	Valor ($)
Desenvolvimento de projetos solares	5,600,000
Aquisição de infraestrutura de energia	8,700,000
Custos de avaliação da terra	1,200,000

Custos de gerenciamento operacional

As despesas de gerenciamento operacional do portfólio de energia da Ellomay Capital atingiram US $ 6,3 milhões no período de relatório.

• Manutenção da usina: US $ 2,1 milhões
• Pessoal operacional: US $ 1,8 milhão
• Manutenção do equipamento: US $ 1,4 milhão
• Gerenciamento do site: US $ 1,0 milhão

Pesquisa e investimentos de due diligence

A empresa alocou US $ 2,5 milhões para atividades de pesquisa e due diligence em 2024.

Foco na pesquisa	Investimento ($)
Análise de mercado	850,000
Avaliação de tecnologia	750,000
Pesquisa de conformidade regulatória	900,000

Despesas administrativas e de conformidade

Os custos administrativos e de conformidade da Ellomay Capital totalizaram US $ 3,6 milhões no ano fiscal.

• Conformidade legal e regulatória: US $ 1,2 milhão
• Administração corporativa: US $ 1,5 milhão
• Relatórios de auditoria e financeiro: US $ 900.000

Investimentos de tecnologia e inovação

Os gastos com tecnologia e inovação totalizaram US $ 4,2 milhões em 2024.

Área de investimento em tecnologia	Valor ($)
Tecnologia de energia renovável	2,100,000
Infraestrutura digital	1,300,000
Pesquisa de inovação	800,000

Ellomay Capital Ltd. (Ello) - Modelo de negócios: fluxos de receita

Retornos de operações de usina solar

A partir de 2024, a usina solar da Ellomay Capital em Kibutz Ketura, Israel, gera aproximadamente 9 MW de eletricidade. A receita anual desta usina solar é estimada em US $ 2,1 milhões.

Localização da usina solar	Capacidade	Receita anual estimada
Kibutz Ketura, Israel	9 MW	US $ 2,1 milhões

Investimentos de projeto de infraestrutura energética

A Ellomay Capital investiu em vários projetos de infraestrutura de energia, com um portfólio de investimentos total avaliado em aproximadamente US $ 45,3 milhões, a partir dos mais recentes relatórios financeiros.

• Projeto hidrelétrico de armazenamento bombeado no norte de Israel
• Projetos de desenvolvimento de energia solar
• Investimentos de infraestrutura de armazenamento de energia

Receita de contrato de compra de energia

Os contratos de compra de energia da empresa geram um fluxo de receita estável de aproximadamente US $ 3,5 milhões anualmente. Esses acordos são tipicamente contratos de longo prazo com mecanismos de preços fixos.

Tipo de contrato	Receita anual	Duração do contrato
Contratos de compra de energia	US $ 3,5 milhões	15-20 anos

Apreciação de capital de ativos energéticos

O portfólio de ativos de energia da Ellomay Capital mostrou um Apreciação de capital de aproximadamente 7,2% No ano fiscal passado, com uma avaliação total de ativos de US $ 62,7 milhões.

Distribuições em potencial de dividendos aos acionistas

No ano fiscal mais recente, a empresa distribuiu dividendos, totalizando US $ 0,45 por ação, representando um pagamento total de dividendos de aproximadamente US $ 1,2 milhão aos acionistas.

Dividendo por ação	Pagamento total de dividendos	Rendimento de dividendos
$0.45	US $ 1,2 milhão	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.