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Dorad 2 power project advances with board approval at Ellomay Capital (ELLO)

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Form Type
6-K

Rhea-AI Filing Summary

Ellomay Capital Ltd. reports that the board of Dorad Energy Ltd. has approved planning and execution of the “Dorad 2 Project,” which involves constructing an additional turbine at Dorad’s existing power plant.

The Dorad board also approved a budget to advance the project until it reaches financial closing and authorized management to negotiate an agreement to secure a production slot with a turbine manufacturer, subject to further board approval of that agreement.

Ellomay Capital currently indirectly holds 16.875% of Dorad’s share capital through its 50% ownership in Ellomay Luzon Energy Infrastructures Ltd. The filing highlights that the project and related shareholdings are subject to ongoing and potential litigation, financing conditions, regulatory and permitting approvals, market conditions, and geopolitical and operational risks across the countries where Ellomay operates.

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Insights

Dorad 2 moves into the execution pipeline but faces multiple contingencies.

The board of Dorad Energy Ltd. has approved the planning and execution of the Dorad 2 Project, adding another turbine at the existing power plant. This formal board approval, after a shareholder-approved amendment requiring a 70% director majority, signals internal alignment to proceed, at least through the pre–financial-closing phase.

The resolutions include a budget to advance the project until financial closing and authority for management to negotiate a turbine production-slot agreement, which itself will need additional board approval. This structure emphasizes staged decision-making: progressing engineering and commercial work while keeping final commitments conditional on financing and governance checks.

The filing underscores substantial risks: litigation relating to Dorad shares and the Dorad 2 Project, the need to secure acceptable financing, potential delays in planning and construction, required permits and equipment, regulatory and price changes in power markets, and geopolitical tensions in Israel and other regions where Ellomay Capital operates. The actual impact on Ellomay’s 16.875% indirect stake in Dorad will depend on how these risks and conditions evolve in future periods.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of September 2025

 

Commission File Number: 001-35284

 

Ellomay Capital Ltd.

(Translation of registrant’s name into English)

 

18 Rothschild Blvd., Tel Aviv 6688121, Israel

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒       Form 40-F ☐

 

 

 

 

 

THIS FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT’S REGISTRATION STATEMENTS ON FORM F-3 (NOS. 333-199696 AND 333-144171) AND FORM S-8 (NOS. 333-187533, 333-102288 AND 333-92491), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

 

Dorad Energy Ltd. Board Approval of the Dorad 2 Project

 

Ellomay Capital Ltd. (the “Company”), hereby updates that on September 14, 2025, the Dorad Energy Ltd. (“Dorad”), Board of Directors approved the planning and execution of the project to construct an additional turbine on the premises of the current power plant owned by Dorad, referenced in the Company’s filings as the “Dorad 2 Project.” The Dorad Board of Directors also approved additional resolutions in connection with the Dorad 2 Project including a budget until the project achieves financial closing and authorizing Dorad’s management to negotiate an agreement to maintain a production slot with a turbine manufacturer (an agreement that will be subject to an additional approval by the Dorad Board of Directors).

 

The Company currently indirectly holds 16.875% of Dorad’s share capital through its 50% holdings in Ellomay Luzon Energy Infrastructures Ltd. (“Ellomay Luzon Energy”). The aforementioned resolution by Dorad’s Board of Directors was preceded by the adoption by Dorad’s shareholders of an amendment to Dorad’s articles of association providing that the project will require the approval of Dorad’s Board of Directors with a majority of 70% of the participating directors.

 

For more information concerning the Dorad 2 Project and related legal proceedings and concerning the recent acquisition of additional shares in Dorad by Ellomay Luzon Energy and related legal proceedings, see the Form 6-K submitted by the Company to the Securities and Exchange Commission (“SEC”) on September 2, 2025 and Item 4.B. of the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, submitted by the Company to the SEC on April 30, 2025.

 

Information Relating to Forward-Looking Statements

 

This report 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 report 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,” “will,” “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 potential outcome of current and future litigation in connection with Dorad’s shares held by Ellomay Luzon Energy and with the Dorad 2 Project, the ability to obtain financing for the Dorad 2 Project on terms acceptable to Dorad, delays in the planning and construction of the Dorad 2 Project, Dorad’s ability to obtain approvals and permits and to procure the equipment required for the construction of the Dorad 2 Project, changes in market conditions, inability to receive required regulatory approvals, the impact of the war and hostilities in Israel, Gaza and Iran, changes in electricity prices and demand, regulatory changes, including extension of current or approval of new rules and regulations increasing the operating expenses of manufacturers of renewable energy in Spain, increases in interest rates and inflation, 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 continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company 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.

 

1

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Ellomay Capital Ltd.
   
  By: /s/ Ran Fridrich
    Ran Fridrich
    Chief Executive Officer and Director
   
Dated: September 15, 2025  

 

 

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FAQ

What did Ellomay Capital (ELLO) announce regarding the Dorad 2 Project?

Ellomay Capital reported that the board of Dorad Energy approved the planning and execution of the Dorad 2 Project, which involves constructing an additional turbine at Dorad’s existing power plant.

What additional steps did Dorad’s board approve for the Dorad 2 Project?

Dorad’s board approved a budget to advance the project until financial closing and authorized management to negotiate an agreement to maintain a production slot with a turbine manufacturer, subject to further board approval of that agreement.

How much of Dorad does Ellomay Capital indirectly own?

Ellomay Capital indirectly holds 16.875% of Dorad’s share capital through its 50% ownership in Ellomay Luzon Energy Infrastructures Ltd.

What governance change was required before approving the Dorad 2 Project?

Before the board approval, Dorad’s shareholders adopted an amendment to Dorad’s articles of association stating that the project requires approval by Dorad’s board of directors with a 70% majority of participating directors.

What key risks and uncertainties are associated with the Dorad 2 Project for Ellomay Capital (ELLO)?

The filing cites risks including outcomes of current and future litigation related to Dorad shares and the Dorad 2 Project, the ability to obtain acceptable financing, potential planning and construction delays, required approvals and permits, equipment procurement, changes in electricity prices and demand, regulatory changes, interest and inflation trends, commodity price shifts, geopolitical conflicts, and operational disruptions at power plants.

Where can investors find more detail on the Dorad 2 Project and related legal proceedings?

More information is referenced in Ellomay Capital’s Form 6-K submitted on September 2, 2025 and Item 4.B of its Annual Report on Form 20-F for the year ended December 31, 2024.
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