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Ellomay Capital Ltd. reports developments as a renewable energy and power generator and developer with activities in Europe, the United States and Israel. The company’s updates cover consolidated operating results, annual Form 20-F reporting, project development costs, and portfolio activity involving solar power assets and other power-sector investments.
Recurring news also includes material transactions and governance changes. Ellomay has reported the completed sale of its indirect holdings in Ellomay Luzon Energy Infrastructures Ltd., whose main asset was an interest in Dorad Energy Ltd., as well as changes in principal shareholders and board composition. Its ordinary shares trade on the NYSE American and the Tel Aviv Stock Exchange under ELLO.
Ellomay Capital Ltd. (NYSE American: ELLO) has been awarded a quota of 20 MW in a tender by the Israeli Electricity Authority for combined photovoltaic and electricity storage facilities in Israel. This successful bid is part of a larger quota of 168 MW accepted from various entities. The tariff rate is set at NIS 0.199 per kWh, linked to the Israeli CPI and valid for 23 years.
The Company will now explore potential construction sites and must obtain various approvals for project development within specified timelines.
Ellomay Capital Ltd. (NYSE American: ELLO) has announced a private placement of 450,000 ordinary shares to Israeli institutional and classified investors, raising approximately NIS 31.7 million (around $20.4 per share). This follows the Board of Directors' approval, with the share price determined on July 7, 2020. The company intends to utilize the net proceeds for general corporate purposes. Closing of the placement is pending regulatory approvals expected in July 2020. Ellomay specializes in renewable energy projects across Israel and Europe.
Ellomay Capital Ltd. (NYSE American: ELLO) reported unaudited financial results for Q1 2020, highlighting revenues of approximately €1.9 million, down from €4.7 million in Q1 2019, primarily due to the December 2019 sale of its Italian PV Portfolio. Operating expenses were reduced to €1.1 million, while project development costs rose to €1.8 million. A loss of €1.9 million was noted, compared to €1 million a year earlier. Despite challenges from COVID-19, the overall impact remained minor, though electricity prices in Spain decreased revenues slightly. Total comprehensive income increased to €12.2 million due to cash flow hedge valuation.