Ellomay Capital Ltd Dossier
Qualitative Analysis
Business overview
Ellomay Capital Ltd. (NYSE American; TASE: ELLO) is an Israel-based renewable energy and power generator and developer operating primarily in Europe (Spain, Italy, and the Netherlands), Israel, and the United States. The company's diversified portfolio includes operating photovoltaic (PV) solar plants, anaerobic digestion waste-to-energy plants, and pumped storage hydro projects. Historically, Ellomay also held a significant indirect stake in Dorad Energy Ltd., which operates one of Israel's largest private natural gas-based power plants.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Expanding solar PV capacity in Italy, including 160 MW under advanced construction (expected COD in 2026) and a 264 MW pipeline (of which 210 MW has reached Ready-to-Build status, including the 79.5 MWp Ellomay 11 project which secured a 20-year FER X tariff).
Expected impact: Substantially increases operating capacity and provides highly predictable, long-term contracted cash flows under beneficial pricing arrangements (such as the €67.7/MWh FER X tariff).
Developing solar projects in the Dallas Metropolitan area, Texas, including the construction of the Hillsboro project (14 MW solar + 2-hour battery storage) and advancing an additional 50 MW pipeline.
Expected impact: Establishes a operational footprint in the US market and integrates battery storage to shift energy generation from off-peak to peak hours, optimizing revenue.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Nofar acquired a 45.9% controlling stake in Ellomay to align assets, drive operating synergies, and back a long-term growth plan in the renewable energy sector.
Terms: Acquired from principal shareholders based on an Ellomay company valuation of ILS 1 billion (approximately $310.4 million).
Clal holds a 49% stake in a 198 MW Italian solar portfolio, providing significant equity funding to accelerate project development in Europe.
Terms: Investment of approximately EUR 53 million by Clal for its 49% stake.