Ellomay's 9-mo revenues jump, net loss deepens

Solar panels. Featured Image: pornvit_v/Shutterstock.com

December 28 (Renewables Now) - Israeli renewables developer and power producer Ellomay Capital Ltd (TASE:ELLO) saw its net loss expand to EUR 6.4 million (USD 6.8m) in the first nine months of 2021 in spite of an almost five-fold increase in revenues.

In the year-ago period, Ellomay’s net loss stood at 5.7 million.

The company generated revenues of EUR 32.8 million in the first nine months of this year, up from EUR 6.8 million a year before, mainly thanks to income coming from its majority-owned Talasol solar PV farm in Spain and the Gelderland biogas plant in the Netherlands. Other Dutch biogas facilities also contributed to the improvement.

The 300-MW Talasol park and the Gelderland plant, which was acquired in December 2020, were also responsible for a rise in operating costs and depreciation expenses, which reached EUR 11.7 million and EUR 11 million, respectively.

“The results for the third quarter and of the nine months ended September 30, 2021, present a continuous improvement in revenues, gross profit and operating profit while maintaining a strong cash flow from operations and are in line with the Company's business plan,” commented CEO Ran Fridrich.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) came to EUR 15.6 million in the first three quarters of the year, as compared to a negative result of EUR 1 million a year before. On an adjusted basis, the result amounted to EUR 21 million.

At present, Ellomay is working on the construction of a 28-MW solar park in Spain, due to go online in February 2022, and a 156-MW pumped storage project in the Menara cliff, Israel. Meanwhile, the company is moving forward with 480 MW of solar projects, which are in advanced development stages and are progressing as planned. Additional 150 MW of PV schemes in Spain are also under development, as well as solar-plus-storage projects in Israel.

(EUR 1.0 = USD 1.133)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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