Ellomay Capital Ltd.
Ellomay Capital Ltd. is an Israeli-based renewable energy and power company with shares listed on NYSE American and the Tel Aviv Stock Exchange. Its business includes ownership and development of solar power plants, anaerobic digestion and green gas facilities, and pumped-storage hydro projects across Europe, the United States, and Israel.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueOperating and developing utility-scale solar plants in Spain, Italy, and other markets.
Pumped-storage hydro and battery/storage projects that provide grid flexibility and capacity services.
Project companies that produce renewable gas from organic feedstock in the Netherlands.
Under-construction and ready-to-build renewable projects, mainly in Italy and Israel.
Customers
Ellomay sells power and energy services into electricity markets rather than to a single end-user base, so its customers are typically grid operators, utilities, wholesale power buyers, and market counterparties. For storage and flexibility assets, revenue can also come from capacity markets, day-ahead and intraday trading, and grid stability services. The business is therefore tied to regulated market structures and contractual or market-based offtake arrangements.
Buys solar generation and storage output through market sales and power arrangements.
Procures balancing, flexibility, and stability services from storage and hydro assets.
Purchases energy under short- and medium-term market transactions and hedges.
Buys green gas produced by anaerobic digestion facilities in the Netherlands.
Provides capital participation in development assets and joint ventures.
Strategy
Ellomay is focused on building a portfolio of renewable generation and storage assets that can earn across multiple power-market streams. The company is also pursuing project opportunities in the near term, with an emphasis on capital allocation to assets that can provide long-lived cash generation and portfolio optionality. Asset rotation and selective monetization appear to be part of the broader strategy for redeploying capital into growth projects.
Storage assets can earn from capacity, arbitrage, and grid services, improving portfolio economics.
The under-construction and ready-to-build projects create a visible growth pipeline.
Asset monetization can fund development while sharpening focus on core renewable assets.
Geography
Ellomay’s operating footprint spans Europe, Israel, and the United States, with the largest disclosed assets concentrated in Spain, Italy, the Netherlands, and Israel. The company also references renewable energy investments in Texas, showing exposure to both European power markets and selected U.S. opportunities. Its geography matters because regulation, power prices, interconnection, and merchant exposure differ materially across these markets.
Risks
Ellomay’s results are exposed to merchant power prices, regulation, and interconnection/permit risk across several jurisdictions. The business also carries project-development risk because many assets are under construction or in earlier-stage development, while storage and renewable gas projects depend on favorable market access and operating performance. Foreign currency and interest-rate volatility add another layer of risk because the company operates across Europe, Israel, and the United States.
- Merchant electricity price volatilityImpact: HighLikelihood: High
Solar and storage assets can be exposed to fluctuating wholesale power prices and market spreads.
Exposure - Project execution and development delaysImpact: HighLikelihood: Medium
Under-construction and ready-to-build assets require permits, interconnection, and construction execution.
Exposure - Regulatory and market design riskImpact: HighLikelihood: Medium
Storage and renewable assets rely on capacity-market rules, grid services, and energy-policy support.
Exposure: Europe and Israel
- Foreign exchange and interest-rate riskImpact: MediumLikelihood: High
Cash flows, debt, and investment values are spread across multiple currencies and rate environments.
Exposure
Accounting
Judgemental itemsThe Spanish subsidiary recognizes a tax asset only if future taxable income is probable, making forecasts critical.
Impact: Can change deferred tax balances and earnings recognition
The company uses hedging transactions to manage foreign currency and interest-rate risk.
Impact: Can create mark-to-market volatility in other income or finance costs
Ownership interests in project companies require judgment on control, fair value, and carrying amounts.
Impact: Affects balance sheet values and gains/losses on disposals
Similar listed companies
Publicly listed companies with a comparable business focus.
Enlight Renewable Energy Ltd.
ENLT · Electric Services
Elong Power Holding Ltd.
ELPW · Miscellaneous Electrical Machinery, Equipment & Supplies
Enel Chile S.A.
ENIC · Electric Services
Talos Energy, Inc
TALO · Crude Petroleum & Natural Gas
Eldorado Gold Corporation
EGO · Gold and Silver Ores
Eldorado Gold Corp.
Turbogen Ltd.
TRBG · Electric & Other Services Combined
Last updated: 28/09/2026