Ellomay Capital Announces FER X “NZIA” Tender Award for an RtB 20 MW Solar Project in Piemonte, Italy

Rhea-AI Summary

Ellomay Capital (NYSE: ELLO) announced that its wholly owned Italian project company was awarded support in Italy’s Transitional FER X “NZIA” tender for the 20 MWp Ready-to-Build solar project Ellomay 14 in Piemonte.

The award secures a 20-year two-way CfD for 80% of production at a fixed operating price of €68/MWh plus a regional supplement of €10/MWh (total €78/MWh). Ellomay 14 has expected annual generation (P50) of ~32,200 MWh and the company estimates ~€55,000,000 total revenues under the 20-year support period. The tariff is CPI-indexed (100% pre-COD, 20% post-COD). This is Ellomay’s second recent FER X award, complementing its Italian portfolio and a previously announced PPA with Statkraft.

Positive

• 20 MWp project secured in Piemonte
• 20-year two-way CfD for 80% of production at €78/MWh
• Expected annual generation (P50) of ~32,200 MWh
• Estimated €55,000,000 total revenues over 20 years
• Tariff indexed to CPI (100% pre-COD, 20% post-COD)

Negative

• 20% of project output remains exposed to merchant pricing
• Tender requires non-Chinese components, potentially limiting supplier options

Key Figures

Project capacity 20 MWp Ellomay 14 solar project in Piemonte, Italy

Expected generation 32,200 MWh Annual P50 output for Ellomay 14

Supported price €78/MWh FER X NZIA fixed price plus €10/MWh regional supplement

Base FER X tariff €68/MWh Operating fixed price before regional supplement

Contract duration 20 years Two-way CfD under FER X NZIA for Ellomay 14

Revenue expectation €55,000,000 Total revenues over 20 years for Ellomay 14

Italian operational capacity 38 MW Operational projects under 9-year PPA with Statkraft (51% owned)

Advanced construction capacity 160 MW Italian projects expected to reach COD in 2026 (51% owned)

Market Reality Check

$21.85 Last Close

Volume Volume 2,708 is below the 20-day average of 3,663 (relative volume 0.74). normal

Technical Shares at $22.10 are trading above the 200-day MA of $17.05 and 7.72% below the 52-week high of $23.95.

Peers on Argus 1 Down

Renewable peers show mixed moves: NRGV up 17.06%, NXXT up 2.94%, while VGAS, SUUN and WAVE are down between 3–4%, suggesting today’s setup is stock-specific rather than a broad sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 08	Dorad expansion permit	Positive	-0.8%	Approval of building permit for ~650 MW Dorad 2 power plant expansion.
Dec 03	Italian solar update	Positive	+4.1%	FER X award for 79.5 MWp Ellomay 11 and Italian project financing update.
Oct 23	AGM results	Neutral	+0.0%	Shareholders approved director reelections, capital increase and governance items.
Sep 30	H1 2025 earnings	Neutral	+6.0%	H1 2025 results with slightly higher revenue, smaller net loss, mixed EBITDA.
Sep 12	AGM announcement	Neutral	+2.0%	Announcement of 2025 AGM date and agenda, including capital and governance items.

Pattern Detected

Recent Ellomay headlines, especially on Italian solar and financial results, often saw modest positive price reactions, with only the Dorad expansion news followed by a small decline.

Recent Company History

Over the last six months, Ellomay reported multiple milestones. On Sep 30, 2025, H1 2025 results showed higher revenues and an improved net loss, alongside a €52M Italian portfolio deal and a NIS 50M placement. Italian solar progress accelerated with the FER X award for the 79.5 MWp Ellomay 11 project and project finance draws. Dorad 2’s ~650 MW expansion permit and ongoing governance items at the 2025 AGM added to the growth narrative that today’s Ellomay 14 tender win builds on.

Market Pulse Summary

This announcement adds another Italian solar milestone, awarding Ellomay’s 20 MWp Ellomay 14 project a €78/MWh supported price via a 20‑year two‑way CfD and expected €55,000,000 in revenues. It complements the recent FER X award for the 79.5 MWp Ellomay 11 project and a growing Italian portfolio, including 38 MW in operation and 160 MW under advanced construction. Investors may watch COD timing, regulatory conditions and actual output versus the 32,200 MWh P50 forecast.

Key Terms

contract for difference financial

"The FER X “NZIA” tender award entails a 20-year two-way Contract for Difference"

A Contract for Difference (CFD) is a financial agreement where you bet on whether the price of an asset, like a stock or gold, will go up or down. If your prediction is correct, you make a profit; if not, you lose money. It allows you to trade on price changes without actually owning the asset itself.

cfd financial

"The FER X “NZIA” tender award entails a 20-year two-way Contract for Difference (“CfD”)"

A CFD (contract for difference) is a financial agreement that lets an investor profit from the change in an asset’s price without actually owning that asset — like betting on a car’s value rising or falling without buying the car. It matters because CFDs use leverage, which can amplify gains and losses and allow easy access to different markets, so they change an investor’s potential return and risk profile and can lead to rapid losses if prices move unfavorably.

guarantees of origin regulatory

"the project will be eligible to receive Guarantees of Origin certificates (“GoOs”)"

Guarantees of origin are tradable certificates that prove a unit of electricity was generated from a specific source, usually renewable energy like wind or solar. Think of them as a receipt or label that lets buyers claim their power is green; they matter to investors because they create a separate revenue stream, affect the price and marketability of energy projects, and influence corporate sustainability claims and regulatory compliance, all of which can impact valuation and cash flow.

p50 technical

"project has peak capacity of 20 MWp, with an expected annual generation (P50)"

p50 is the midpoint estimate that has a 50% chance of being met or exceeded — essentially the statistical “middle” outcome when looking at a range of possible results. For investors it’s a practical, risk-aware benchmark used in reserves, production forecasts and financial projections to represent the realistic or most likely case, like picking the middle value between optimistic and pessimistic scenarios so you can plan without assuming best- or worst-case results.

power purchase agreement financial

"Together with the long-term power purchase agreement (“PPA”) executed earlier this year"

A power purchase agreement (PPA) is a long-term contract in which a buyer agrees to purchase electricity from a generator at an agreed price and schedule, similar to a multi-year subscription for power or a long-term lease of an energy source. Investors care because PPAs provide predictable revenue and cash flow for the generator, reduce market-price exposure, and shift credit and performance risk to the buyer, all of which affect valuation, financing and perceived investment stability.

ppa financial

"includes 38 MW operational projects with a 9-year power purchase agreement (“PPA”)"

A PPA (Power Purchase Agreement) is a long-term contract in which a buyer agrees to purchase electricity from a specific generator at agreed prices and terms. Think of it like a multi-year subscription for power that locks in supply and cost, giving the seller steady revenue and the buyer predictable energy costs. Investors care because PPAs reduce revenue uncertainty, help projects get financed, and shift exposure to energy price or supply risks, affecting a company’s cash flow and valuation.

cpi financial

"tariff is indexed to the Italian CPI at 100% from the tender publication date"

Consumer Price Index (CPI) measures how the prices of a typical “shopping basket” of goods and services change over time, like checking whether a grocery cart costs more or less than before. Investors watch CPI because rising prices can squeeze consumers, alter company profits and prompt central banks to change interest rates, which affects borrowing costs, bond yields and stock valuations.

AI-generated analysis. Not financial advice.

Tel-Aviv, Israel, Dec. 12, 2025 (GLOBE NEWSWIRE) -- Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, Israel and USA, today announced that Ellomay Solar Italy Fourteen S.r.l. (an Italian project company 100% owned by the Company), was informed that it has been awarded a tariff in Italy’s Transitional FER X “NZIA” national competitive tender (which provides a beneficial pricing arrangement described in more detail below) for solar plants using non-Chinese components, securing support for 80% of the capacity of its Ready-to-Build solar project “Ellomay 14”, which is located in the Piemonte Region in Italy.

The Ellomay 14 project has peak capacity of 20 MWp, with an expected annual generation (P50) of approximately 32,200 MWh. The FER X “NZIA” tender awarded the Ellomay 14 project an operating fixed price of €68/MWh, to which a €10/MWh regional supplement applies, resulting in a total supported price of €78/MWh.

The FER X “NZIA” tender award entails a 20-year two-way Contract for Difference (“CfD”), providing long-term price stability for 80% of Ellomay 14’s total production, while the remaining 20% will be sold under merchant pricing, preserving meaningful upside exposure to market price movements. The awarded tariff is indexed to the Italian CPI at 100% from the tender publication date in September 2025 until the project’s commercial operation date (“COD”) and following COD the tariff is 20% indexed to the Italian CPI, further enhancing revenue resilience and predictability over the contract period. In addition, the project will be eligible to receive Guarantees of Origin certificates (“GoOs”), which are expected to be tradeable. The Company currently expects that for the 20-year duration of the FER X “NZIA”, the total revenues of Ellomay 14 will be approximately €55,000,000.

This award represents Ellomay’s second successful FER X result in recent weeks, following the award granted to the Company’s 79.5 MWp Ellomay 11 project in the Friuli-Venezia Giulia region of Italy. Together with the long-term power purchase agreement (“PPA”) executed earlier this year with Statkraft, the tender outcome further strengthens Ellomay’s structured and diversified commercial presence in the Italian market.

The Company’s Italian portfolio currently includes 38 MW operational projects with a 9-year power purchase agreement (“PPA”) with Statkraft (51% owned), 160 MW under advanced construction processes which is expected to achieve COD in 2026 (51% owned), 210 MW that have reached Ready-to-Build status and approximately 53 MW that are expected to receive construction permits in the near term.

Ran Fridrich, CEO and Board Member of Ellomay, said: “The award secured for Ellomay 14 in the FER X “NZIA” tender for solar plants using non-Chinese components highlights the steady advancement of our activities in Italy. Together with the FER X award recently obtained for Ellomay 11 and the long-term PPA we signed with Statkraft earlier this year, this outcome reinforces the commercial framework we are establishing in the country and supports the strategy we are pursuing. Our focus remains on developing projects that offer stable, long-term value while maintaining measured exposure to market dynamics. Ellomay 14 contributes directly to this objective, and our entry into the storage sector will further enhance the flexibility and long-term potential of our Italian platform. Our development efforts will continue to progress in line with this strategy.”

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, the USA and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

• Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and 51% of approximately 38 MW of operating solar power plants in Italy;
• 16.875% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850 MW;
• Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
• 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
• 51% of solar projects in Italy with an aggregate capacity of 160 MW that are under construction;
• Solar projects in Italy with an aggregate capacity of 210 MW that have reached “ready to build” status; and
• Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 38 MW that are connected to the grid and additional 11 MW that are awaiting connection to the grid.
  
  

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements, including statements with respect to anticipated revenues. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes, climate change, increases in interest rates and inflation, technical and other disruptions in the operations or construction of the power plants owned by the Company, inability to obtain the financing required for the development and construction of projects, delays in development, construction, or commencement of operation of the projects under development, failure to obtain permits - whether within the set time frame or at all, inability to advance the expansion of Dorad, changes in exchange rates, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza and between Israel and Iran, the impact of the continued military conflict between Russia and Ukraine, and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with the Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com

FAQ

What did Ellomay (ELLO) announce on December 12, 2025 about the Ellomay 14 project?

Ellomay said Ellomay 14 (20 MWp) won FER X “NZIA” support for 80% of output via a 20-year CfD at a total supported price of €78/MWh.

How much electricity will Ellomay 14 (ELLO) generate annually and what revenue is expected?

Ellomay 14 has an expected annual generation (P50) of ~32,200 MWh and estimated ~€55,000,000 in total revenues under the 20-year support.

What portion of Ellomay 14’s production is merchant-exposed after the FER X award?

20% of Ellomay 14’s production will be sold at merchant prices, with 80% covered by the CfD.

How is the awarded tariff for Ellomay 14 indexed to inflation?

The tariff is indexed to the Italian CPI at 100% from tender publication until COD and 20% after COD for the contract period.

Does the FER X award affect Ellomay’s broader Italian portfolio and commercial strategy?

Yes; the award is Ellomay’s second recent FER X success and reinforces its commercial presence alongside the Statkraft PPA and existing Italian projects.