What Ellomay Capital does

Ellomay Capital Ltd. is an Israeli-domiciled public company (NYSE American and TASE: ELLO) that operates as an integrated developer, owner, and operator of renewable energy assets across Israel, Spain, Italy, the Netherlands, and the United States (Texas). The company controls an operating fleet of 574 MW as of 2025 — anchored by the 51%-owned 300 MW Talasol solar plant in Spain (with 80% of output sold under PPA), a 28 MW Spanish PV plant, a 38 MW Italian PV portfolio, a 38 MW Texas PV portfolio, three Dutch anaerobic digestion plants producing ~16.3M Nm3/year of green gas, and four smaller Spanish PV plants — together with the 850 MW Dorad gas power station stake that was divested in May 2026 for ~€164M.

The platform spans four generation technologies (solar PV, pumped hydro storage under construction at Manara Cliff 156 MW in Israel, anaerobic digestion/biogas, and natural gas combined-cycle) and a total of ~2 GW across operating, construction, advanced development, and preliminary development stages. Core technology differentiators include the large-scale Italian 1,020 MW framework agreement, the Manara Cliff pumped hydro plant's ~90-second response time and ~1,900 MWh storage capacity, BESS-integrated distributed solar in Texas, and a multi-jurisdictional portfolio of long-tenor PPAs and CfDs (notably Italy's FER X 20-year Contract for Difference for 79.5 MW).

Ellomay generates revenue primarily through long-term PPAs and market-price electricity sales to national grid operators in Spain, Italy, the USA (ERCOT), and (until May 2026) Israel, supplemented by green gas injection into Dutch gas networks and the sale of green certificates under EU blending regulations. Customers are exclusively grid operators, utilities, and large institutional off-takers; pricing is contract-driven through PPAs and regulated tariffs rather than disclosed product pricing. Following the May 2026 Dorad divestiture and the March 2026 change of control to O.Y. Nofar Energy Ltd. (45.9% for ~NIS 1B / $310.4M), the company has refocused capital toward storage and renewables and operates with €141M shareholders' equity, €1.8M net cash, and €33.4M FY2025 EBITDA on €42.8M of revenue.

Name

Ellomay Capital

Legal name

Ellomay Capital Ltd.

Website

https://ellomay.com

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

11–50 employees

Short description

Ellomay Capital is an Israeli-listed integrated renewable energy developer, owner, and operator (NYSE American/TASE: ELLO) with 574 MW of operating solar, biogas, and pumped hydro storage capacity across Israel, Spain, Italy, the Netherlands, and the United States, selling electricity under long-term PPAs to national grid operators.

Ownership category

akta.pro rank

Product category

Renewable Power Generation

NAICS

Solar Electric Power Generation (221114), Hydroelectric Power Generation (221111), Biomass Electric Power Generation (221117), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal) (EUAEAMAB)

akta.pro secondary industries

Asset Management & Owner’s Engineering (Lifecycle Strategy, Budgeting, Technical Due Diligence) (EUAMAGAJ), Renewable Energy Infrastructure (FSAAAKAG)

Keywords

• Renewable energy generation
• Solar power plants
• Pumped hydro storage
• Biogas production
• Energy project development

Headquarters

HQ city

Tel Aviv

HQ country

Israel

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Solar Power Generation and Sales: Generation and sale of electricity from solar PV plants in Spain, Italy, and USA. Revenue affected by electricity market prices, with some capacity hedged through PPAs. Includes 51% owned Talasol (300 MW), 100% owned Ellomay Solar (28 MW), Italian portfolio (38 MW operating), and Texas portfolio (38 MW connected).
2. Natural Gas Power Generation (Dorad): Indirect ownership through Ellomay Luzon Energy of 33.75% in Dorad Energy (850 MW combined cycle plant). Dorad sells electricity to end-users and Israeli National Grid. Company sold its stake in May 2026 for NIS 559.8 million.
3. Pumped Hydro Storage Revenue: 156 MW Manara Cliff pumped storage plant under construction in Israel. Expected to generate annual revenues of €74 million and EBITDA of €33 million upon commercial operation (expected H2 2026).
4. Biogas/Green Gas Production and Sales: Three anaerobic digestion plants in Netherlands: Groen Gas Goor (3 million Nm3/year), Groen Gas Oude-Tonge (3.8 million Nm3/year), Groen Gas Gelderland (9.5 million Nm3/year with license for 7.5 million). Revenue from green gas sales and green certificates under EU blending regulations.
5. Project Development and Management Services: The company provides management services to joint ventures such as the 198 MW Italian solar portfolio partnership with Clal Insurance. Receives development fees and ongoing management fees.
6. Government Subsidies and Green Certificates: Dutch biogas plants receive subsidies under subsidy regime. Green certificates generated from biogas production sold under EU blending obligation regulations at approximately €1 per certificate.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Ellomay Capital Ltd. develops, owns, and operates utility-scale renewable energy and power generation projects across Israel, Europe (Spain, Italy, Netherlands), and the United States. Its portfolio includes solar photovoltaic plants, a pumped hydro storage facility under construction, anaerobic digestion (biogas) plants, and historically a natural gas combined-cycle power station. The company sells generated electricity and green gas to national grid operators, regional utilities, and corporate off-takers under long-term Power Purchase Agreements, regulated tariffs, and market-based pricing.

Product overview

Ellomay Capital is an integrated renewable energy developer, owner, and operator with a diversified portfolio spanning multiple technologies (solar, pumped hydro, biogas/waste-to-energy, natural gas) across Europe (Spain, Italy, Netherlands), USA (Texas), and Israel. The portfolio consists of: operating assets including the Talasol 300 MW solar plant (51%) and Ellomay Solar 28 MW plant (100%) in Spain, Dorad 850 MW gas power station (16.875% indirect) in Israel, Italian and Texas solar portfolios (38 MW each), three Dutch biogas plants, and four smaller Spanish PV plants (7.9 MW); under construction assets including Manara Cliff 156 MW pumped hydro storage in Israel, 160 MW Italian solar in partnership with Clal, and 25 MW Texas solar+BESS; and a substantial development pipeline of approximately 1,236 MW across Italy (1,020 MW framework), Israel (66 MW solar+storage), and Texas (150 MW). The company is currently undergoing a change in control with Nofar Energy acquiring a 45.9% stake.

Differentiator

Problem solved

Functional benefit

Products and services

• Talasol PV
• Ellomay Solar PV
• Italian Solar Portfolio (Operating)
• Texas Solar Portfolio
• Dutch Biogas Plants
• Spanish Photovoltaic Plants (Murcia / Córdoba)
• Manara Cliff Pumped Hydro Storage
• Italian Solar Portfolio - Under Construction (160 MW)
• Texas Solar + Battery Storage (25 MW PV + 25 MWh BESS)
• Israeli Solar + Storage Projects (66 MW PV / 546 MWh)

Quantifiable outcome

• 574 MW of renewable energy capacity connected to grid as of 2025
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Amos Luzon Development and Energy Group Ltd. (Luzon Group)coreOthers · 10 May 2026Ellomay completed sale of its 50% indirect holding in Ellomay Luzon Energy to Luzon Group for approximately NIS 559.8 million. Ellomay Luzon Energy's main asset was 33.75% stake in Dorad Energy. Transaction included early repayment of Series E Secured Debentures.
• Texas Local Development PartnerminorStrategic or Co-development Partner · 1 January 2023Joint Development Agreement with local Texas project development company experienced in development of energy projects, site acquisitions, capital markets and commercial management. Enables Ellomay to construct multiple PV plants near Dallas metropolitan area.

Scale indicators12 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Nofar Energy: Israeli renewable energy developer and now parent company of Ellomay; develops utility-scale solar PV and storage projects in Israel and internationally. Operates a similar developer/owner/operator model with comparable pipeline and PPA-heavy revenue structure.
• Enlight Renewable Energy: Israeli renewable energy developer listed on TASE with solar, wind, and storage projects across Israel, the US, and Europe. Directly comparable geographic footprint, technology mix, and revenue model to Ellomay.
• Solarpack: Spanish solar PV developer and operator with utility-scale projects in Spain, Chile, and other markets. Closely comparable in scale, technology, and PPA-driven revenue model.
• Encavis AG: European independent power producer operating solar and wind farms across multiple European countries. Comparable IPP model with distributed geographic portfolio and PPA-based revenues.
• Audax Renovables: Spanish renewable energy utility and IPP with solar and wind generation assets across Europe. Comparable developer/operator business model and Iberian market exposure.
• Sonnedix: Global solar IPP with significant European portfolio across Spain, Italy, France, and other markets. Comparable scale, technology focus, and long-term PPA revenue structure.
• Solaria Energia: Spanish solar PV developer with strong presence in Iberia and expanding into other European markets. Comparable developer/operator model with utility-scale solar focus.

Broad incumbents

• Acciona Energia: Global renewable energy developer and operator (subsidiary of Acciona) with utility-scale solar, wind, and storage assets across multiple continents. Larger and more diversified than Ellomay but directly comparable as an IPP with mixed-technology portfolio.
• EDP Renováveis: One of the world's largest renewable energy developers with solar, wind, and emerging technology assets globally. Broader portfolio and scale than Ellomay but comparable as a multi-geography renewable IPP.
• Capital Power: North American power generation company with renewable and thermal assets. Comparable integrated power generation/developer model, though with greater North American focus and broader technology mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ellomay

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries8 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ellomay Capital