Israel's Ellomay expands net loss in H1 2021

Israeli renewables developer and power producer Ellomay Capital Ltd (TASE:ELLO) closed the first half of 2021 with a net loss of EUR 5.8 million (USD 6.7m), making it wider compared to a EUR-4.3-million loss recorded in the same period in 2020.

Total revenues jumped by over 300% year-on-year to EUR 19.5 million, mainly due to revenues from the company’s majority-owned Talasol solar PV plant in Spain being recognised. Income coming from the Gelderland Biogas Plant in the Netherlands, which Ellomay acquired in December 2020, also contributed, the company said in its earnings release.

With these two plants now in the books, operating expenses rose to EUR 7.5 million during the first semester of 2021, compared to some EUR 2.1 million for the same period a year earlier.

Ellomay’s share of loss of equity accounted investee totalled around EUR 0.8 million, compared to a EUR-0.9-million profit for the first half of 2020. The decrease is explained by the revenue decline and higher expenses recorded by Ellomay’s investee Dorad Energy Ltd.

Total comprehensive loss was reduced to EUR 10.5 million, compared to some EUR 13.5 million registered for the first half of 2020. Earnings before interest, taxes, depreciation and amortisation, which were in the red by around EUR 1.6 million in January through June of 2020, came back to a positive EUR 7.5 million in this year’s first semester, Ellomay said.

The company is currently managing the construction of a 156-MW pumped storage hydropower plant in the Manara Cliff, Israel, and a 28-MW solar PV farm in Spain. It is also working on the development of new projects, mainly in the solar PV space in Italy, Spain and Israel, amounting to some 450 MW in advanced stages and around 800 MW in the preliminary stages.

(EUR 1.0 = USD 1.163)

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