ELLO News & Events

Ellomay Capital announced that the Israeli National Licensing Authority approved the request for issuance of a building permit to Dorad Energy 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.

Ellomay Capital announced the closing of the investment transaction with Clal Insurance Company in the Company's 198 MW solar portfolio of operating projects and projects under construction and development in Italy. In consideration for its investment in the Italian solar portfolio, Clal received a 49% interest in the portfolio.

Ellomay Capital entered into an investment agreement with Clal Insurance, an Israeli institutional investor, and several of its affiliates, for an aggregate investment by Clal of approximately EUR52M. Clal and Ellomay will set up a new Israeli limited partnership in which an entity wholly-owned by Ellomay will be the general partner and Ellomay will hold 51% of the limited partner interests and Clal will hold the remaining 49%. The Israeli LP will wholly-own a newly founded Luxembourg entity, to which Ellomay's wholly-owned subsidiary, Ellomay Luxembourg, will transfer all of the issued and outstanding shares of seven Italian project companies, who hold a solar portfolio in an aggregate capacity of approximately 198 MW. Project finance agreements were executed with respect to the Italian Solar Portfolio in March. The Clal Agreement provides that upon consummation of the transactions contemplated by the Clal Agreement, Ellomay and Clal will sign a partners agreement and Ellomay will issue Clal a warrant. The consummation of the transactions contemplated by the Clal Agreement is subject to the fulfillment or waiver of several customary conditions to closing, including receipt of regulatory approvals, that are not entirely within the control of Ellomay, Ellomay Luxembourg, Clal or the Israeli LP.

Ellomay Capital announced that Shlomo Nehama, after serving as chairman of the board for 16 years, has decided to resign from the company's board of directors. Nehama served on the board of directors and as the company's chairman of the board since March 2008 and is a controlling shareholder of the company. In connection with Nehama's resignation, the company's board of directors unanimously appointed Ben Sheizaf as a member of the board of directors and as chairman of the board. Sheizaf will serve as a director until the company's 2025 annual general meeting, at which he can be nominated for reappointment to the company's board of directors. Sheizaf is the founder and CEO of B.P.O. Ltd., a consulting firm since 2019, and has held many senior positions in the Israeli finance and insurance sectors.