# Ellomay Capital Ltd. > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/en/companies/Ellomay Capital Ltd.). ## Overview 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. ## Products & services • Operating solar power plants • Solar project development and construction • Anaerobic digestion and green gas production • Pumped-storage hydro power projects • Renewable energy portfolio ownership and asset development - **Solar power generation** (55%) — Operating and developing utility-scale solar plants in Spain, Italy, and other markets. - **Energy storage** (15%) — Pumped-storage hydro and battery/storage projects that provide grid flexibility and capacity services. - **Green gas and anaerobic digestion** (10%) — Project companies that produce renewable gas from organic feedstock in the Netherlands. - **Project development and construction** (20%) — Under-construction and ready-to-build renewable projects, mainly in Italy and Israel. - Operating solar power plants - Solar project development and construction - Anaerobic digestion and green gas production - Pumped-storage hydro power projects - Renewable energy portfolio ownership and asset development ## 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. - **Wholesale electricity markets** (primary) — Buys solar generation and storage output through market sales and power arrangements. - **Grid and system operators** (primary) — Procures balancing, flexibility, and stability services from storage and hydro assets. - **Utilities and energy traders** (secondary) — Purchases energy under short- and medium-term market transactions and hedges. - **Renewable gas offtakers** (secondary) — Buys green gas produced by anaerobic digestion facilities in the Netherlands. - **Project-level investors and partners** (secondary) — Provides capital participation in development assets and joint ventures. - Wholesale power markets and grid counterparties - Utilities and electricity traders - Capacity market participants - Customers for grid stability and balancing services - Counterparties buying renewable gas output ## 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. - **Spain** (40%) — Estimated from the disclosed operating solar portfolio - **Italy** (30%) — Estimated from operating, under-construction, and ready-to-build projects - **Israel** (15%) — Includes pumped-storage hydro and project development - **Netherlands** (10%) — Green gas and anaerobic digestion facilities - **United States** (5%) — Disclosed as part of the investment footprint - Spain hosts the largest operating solar portfolio - Italy includes operating, under-construction, and ready-to-build solar assets - The Netherlands houses anaerobic digestion and green gas plants - Israel includes pumped-storage hydro and strategic project development - The United States is part of the investment footprint, including Texas ## 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. - **Grow storage and flexible generation** (medium-term) — Storage assets can earn from capacity, arbitrage, and grid services, improving portfolio economics. - **Develop Italian solar pipeline** (short-term) — The under-construction and ready-to-build projects create a visible growth pipeline. - **Recycle capital through portfolio transactions** (short-term) — Asset monetization can fund development while sharpening focus on core renewable assets. - Expand the renewable and storage portfolio across Europe - Target assets with stacked revenues from multiple market streams - Advance under-construction and ready-to-build solar projects - Use asset sales to recycle capital into new opportunities - Maintain optionality across solar, storage, gas, and hydro ## 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 volatility** [high] — Solar and storage assets can be exposed to fluctuating wholesale power prices and market spreads. - **Project execution and development delays** [high] — Under-construction and ready-to-build assets require permits, interconnection, and construction execution. - **Regulatory and market design risk** [high] — Storage and renewable assets rely on capacity-market rules, grid services, and energy-policy support. - **Foreign exchange and interest-rate risk** [medium] — Cash flows, debt, and investment values are spread across multiple currencies and rate environments. - Merchant power prices can be volatile across all markets - Project delays or cost overruns can affect new builds - Storage revenue depends on market access and service pricing - Regulatory changes can alter renewable economics - FX and interest-rate moves affect a multi-currency portfolio ## Accounting Ellomay’s reporting is influenced by fair-value judgments, project-stage estimates, and the treatment of financing costs and tax assets. The company specifically notes a change in estimate tied to utilization of excess unrecognized financing expenses in its Spanish subsidiary, showing that forecast assumptions can affect deferred tax and earnings measures. Because it uses hedging transactions and operates across currencies, derivative and FX accounting can also affect reported volatility. - **Tax asset realizability** — Can change deferred tax balances and earnings recognition - **Hedging and derivative valuation** — Can create mark-to-market volatility in other income or finance costs - **Project valuation and consolidation judgments** — Affects balance sheet values and gains/losses on disposals - Fair value and valuation judgments for project interests - Forecast-based tax asset recognition in Spain - Capitalization and utilization of financing expenses - Derivative and hedge accounting for FX and rates - Project-stage estimates affecting asset carrying values --- *Last updated: 2026-09-28T12:03:32.009916+00:00*