Ellomay's loss expands to EUR 3.4m in Q1

Israeli renewables developer and power producer Ellomay Capital Ltd (TASE:ELLO) saw its loss widen to EUR 3.4 million (USD 3.5m) in the first quarter of 2022 from EUR 2.7 million a year back amid growing costs.

Ellomay generated revenues of EUR 11.8 million, which almost doubled from the EUR 7.2 million booked a year before but this was not enough to offset the rise in operating and project development costs and general and administrative expenses. The increase in revenues was mainly attributed to the higher electricity prices in Europe following the war in Ukraine, as well as the income from Ellomay’s majority-owned Talasol solar PV farm in Spain. The 300-MW complex was also responsible for the rise in operating costs and depreciation expenses as its contribution was recognised only partially in the year-ago period.

Ellomay’s earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to EUR 3.8 million from EUR 2.9 million.

In the past quarter, the company completed a 28-MW solar park in Italy and advanced the construction of a 156-MW pumped storage project in the Manara Cliff, Israel. It is meanwhile searching for contractors for 102 MW of solar projects and is working on the development of some 430 MW of additional schemes.

Looking ahead, the Israeli firm said it expects to generate around EUR 16 million in revenues in the second quarter of 2022.

(EUR 1.0 = USD 1.043)

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