Ellomay Capital Reports receipt of an Approval to Issue a Building Permit for the Dorad Power Plant Expansion

Rhea-AI Summary

Ellomay Capital (NYSE American: ELLO) announced that the Israeli National Licensing Authority approved a building permit for Dorad Energy to expand the Dorad power plant. The approval covers construction of a new generating unit of approximately 650 MW and required engineering works, including installation of a new turbine. Ellomay holds an indirect economic interest of approximately 16.9% in Dorad through its 50% indirect ownership of Ellomay Luzon Energy Infrastructures.

The company refers to the project as Dorad 2 and directs investors to its Form 20-F (Apr 30, 2025) and Form 6-K (Dec 1, 2025) for additional details.

Positive

• Israeli authority approved a building permit for Dorad expansion
• Approval covers a new ~650 MW generating unit and turbine installation
• Ellomay holds an indirect 16.9% economic interest in Dorad

Negative

• None.

Key Figures

Dorad 2 capacity approximately 650 MW New generating unit for Dorad power plant expansion

Indirect Dorad stake approximately 16.9% Indirect holding of Dorad shares via Ellomay Luzon Energy

Ellomay Luzon ownership 50% Ellomay’s indirect ownership of Ellomay Luzon Energy Infrastructures Ltd.

Form 20-F date April 30, 2025 Annual Report on Form 20-F referenced for Dorad 2 details

Market Reality Check

$21.58 Last Close

Volume Volume 1,659 is below the 20-day average of 3,724 (relative volume 0.45) ahead of this news. low

Technical Shares at 21.58 were trading above the 200-day moving average of 16.97 and 8.91% below the 52-week high of 23.69.

Peers on Argus 1 Down

Pre-news, ELLO slipped 0.78% with light volume while renewable peers were mixed: NXXT up 3.25%, NRGV up 4.16%, VGAS and WAVE down modestly, and SUUN down 5.36%. Momentum scans only flagged FLNC moving down, suggesting this development was more stock-specific than part of a broad sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 03	Italian solar update	Positive	+4.1%	Italian Ellomay 11 solar project wins long-term CfD tariff and revenue visibility.
Oct 23	AGM results	Neutral	+0.0%	Shareholders approve director reelections, capital increase, insurance, and auditor reappointment.
Sep 30	H1 2025 results	Positive	+6.0%	Higher revenues, narrower net loss, stronger cash flow, and portfolio expansion updates.
Sep 12	AGM announcement	Neutral	+2.0%	Notice of upcoming AGM with proposals on directors, capital, and governance items.
Jul 22	Dorad stake acquisition	Positive	-0.9%	Ellomay Luzon increases Dorad stake to 33.75% via NIS 424m financed acquisition.

Pattern Detected

Recent Ellomay headlines have mostly seen positive or flat next-day reactions, including operational and financing updates, with only the Dorad stake acquisition showing a modest negative move.

Recent Company History

Over the last six months, Ellomay reported several notable developments. On Jul 22, 2025, it increased exposure to Dorad via a 15% stake acquisition, followed by legal resolution in later filings. The company then announced its H1 2025 results, showing revenue growth and improved net loss, which coincided with a 6.05% gain. Governance events around the 2025 AGM produced flat to modestly positive moves, while the early-December Italian solar tariff win drove a 4.12% increase. Today’s Dorad expansion permit builds on this growing infrastructure exposure.

Market Pulse Summary

This announcement highlights regulatory progress for Dorad’s expansion, with approval to build a new ~650 MW generating unit and install a new turbine. Ellomay’s indirect 16.9% stake in Dorad links this development to its broader strategy of growing energy infrastructure alongside recent Italian solar and financing updates. Key factors to monitor include future disclosures on Dorad 2’s financing, construction milestones, and any regulatory or legal developments referenced in recent SEC filings.

Key Terms

Form 20-F regulatory

"see the Company’s Annual Report on Form 20-F submitted to the Securities"

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

Form 6-K regulatory

"and the Form 6-K submitted by the Company to the SEC on December 1, 2025."

A Form 6-K is a report that companies listed in certain countries file to provide important updates, such as financial results, corporate changes, or other significant information, to regulators and investors. It functions like an official company update or news release, helping investors stay informed about developments that could affect their investment decisions.

Securities and Exchange Commission regulatory

"Report on Form 20-F submitted to the Securities and Exchange Commission"

A national government agency that enforces rules for buying, selling and disclosing information about stocks and other investments, acting like a referee and scorekeeper for financial markets. It requires companies to share clear, regular financial and business information and investigates fraud or rule-breaking, which matters to investors because those rules and disclosures help ensure fair prices, reduce hidden risks and make it easier to compare investment choices.

AI-generated analysis. Not financial advice.

Tel-Aviv, Israel, Dec. 08, 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 the Israeli National Licensing Authority approved the request for issuance of a building permit to Dorad Energy Ltd. (“Dorad”) for the expansion of the power plant owned by Dorad. The approval covers the construction of a new generating unit with a capacity of approximately 650 MW, as well as all the required accompanying engineering works, including the installation of a new turbine.

The Company indirectly holds approximately 16.9% of Dorad’s shares through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. For more information concerning the potential expansion of the power plant held by Dorad, which the Company refers to as “Dorad 2,” see the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission (“SEC”) on April 30, 2025 and the Form 6-K submitted by the Company to the SEC on December 1, 2025.

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 commenced construction processes;
• Solar projects in Italy with an aggregate capacity of 134 MW that have reached “ready to build” status; and
• Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are connected to the grid and additional 22 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.  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, continued war and hostilities and political and economic conditions generally in Israel, regulatory changes, the outcome of legal proceedings involving Dorad and its shareholders, the decisions of the Israeli Electricity Authority, changes in demand, technical and other disruptions in the operations of the power plant operated by Dorad, competition, changes in the supply and prices of resources required for the operation of the Dorad’s facilities and in the price of oil and electricity, changes in the Israeli CPI, changes in interest rates, seasonality, failure to obtain financing for the expansion of Dorad and other risks applicable to projects under development and construction, and other risks applicable to projects under development and construction, in addition to other risks and uncertainties associated with the Company’s and Dorad’s business that are described in greater detail in the filings the Company makes from time to time with 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 8, 2025 about Dorad?

Ellomay announced the Israeli National Licensing Authority approved a building permit for Dorad to add a ~650 MW generating unit.

How much of Dorad does Ellomay (ELLO) indirectly own after the permit approval?

Ellomay indirectly holds approximately 16.9% of Dorad via its 50% indirect ownership of Ellomay Luzon Energy Infrastructures.

What capacity will the new Dorad unit add according to Ellomay's announcement?

The approved expansion covers a new generating unit with approximately 650 MW capacity and accompanying engineering works.

Does the Ellomay release specify construction timing or cost for Dorad 2?

No; the announcement confirms the building permit approval but does not provide construction timeline or cost details.

Where can investors find more information about Dorad 2 referenced by Ellomay (ELLO)?

Investors can review Ellomay's Form 20-F dated April 30, 2025 and the Form 6-K dated December 1, 2025 for additional information.