Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Three Months Ended March 31, 2023

Israeli Government Approves Expansion of the Dorad Power Plant
Tel-Aviv, Israel, May 31, 2023 – Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or
the “Company”), a renewable energy and power generator and developer of renewable energy and power
projects in Europe and Israel, today reported the publication in Israel of financial statements for the three
months ended March 31, 2023 of Dorad Energy Ltd. (“Dorad”), in which Ellomay currently indirectly holds
approximately 9.4% through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd.
(formerly U. Dori Energy Infrastructures Ltd.) (“Ellomay Luzon Energy”).
On May 31, 2023, Amos Luzon Entrepreneurship and Energy Group Ltd. (the “Luzon Group”), an Israeli
public company that currently holds the remaining 50% of Ellomay Luzon Energy, which, in turn, holds
18.75% of Dorad, published its quarterly report in Israel based on the requirements of the Israeli Securities
Law, 1968. Based on applicable regulatory requirements, the quarterly report of the Luzon Group includes the
financial statements of Dorad for the same period.
The financial statements of Dorad for the quarter ended March 31, 2023 were prepared in accordance with
International Financial Reporting Standards. Ellomay will include its indirect share of these results (through
its holdings in Ellomay Luzon Energy) in its financial results for this period. In an effort to provide Ellomay’s
shareholders with access to Dorad’s financial results (which were published in Hebrew), Ellomay hereby
provides a convenience translation of Dorad’s financial results .
Dorad Financial Highlights
• Dorad’s unaudited revenues for the three months ended March 31, 2023 – approximately NIS 648.3
• Dorad’s unaudited operating profit for the three months ended March 31, 2023 – approximately NIS
110 million.
Based on the information provided by Dorad, the demand for electricity by Dorad’s customers is seasonal and
is affected by, inter alia, the climate prevailing in that season. Since January 1, 2023, the months of the year
are split into three seasons as follows: the summer season – the months of June, July, August and September;
the winter season – the months of December, January and February; and intermediate seasons – (spring and
autumn), the months from March to May and from October to November. There is a higher demand for
electricity during the winter and summer seasons, and the average electricity consumption is higher in these
seasons than in the intermediate seasons and is even characterized by peak demands due to extreme climate
conditions of heat or cold. In addition, Dorad’s revenues are affected by the change in load and time tariffs –
TAOZ (an electricity tariff that varies across seasons and across the day in accordance with demand hour
clusters), as, on average, TAOZ tariffs are higher in the summer season than in the intermediate and winter
seasons. Therefore, the results presented for the quarter ended March 31, 2023, which include winter months
of January and February and the intermediate month of March, are not indicative of full year results. In
addition, due to various reasons, including the effects of the increase in the Israeli CPI, impacting interest
payments by Dorad on its credit facility and changes in the season and TAOZ tariff calculations that became
effective on January 1, 2023, the results included herein may not be indicative of first quarter results in the
future or comparable to first quarter results in the past.
A translation of the financial results for Dorad as of and for the year ended December 31, 2022 and as of and
for each of the three month periods ended March 31, 2023 and 2022 is included at the end of this press release.
Ellomay does not undertake to separately report Dorad’s financial results in a press release in the future.
Neither Ellomay nor its independent public accountants have reviewed or consulted with the Luzon Group,
Ellomay Luzon Energy or Dorad with respect to the financial results included in this press release.
Expansion of Dorad Power Plant
On May 28, 2023, the Israeli Government approved the national infrastructures plan (TT”L 11/b) which
governs, among other issues, the expansion of the power plant owned by Doard by approximately 650 MW in
a combined cycle technology, resulting in aggregate capacity of approximately 1,500 MW. This plan also
enables adding batteries with a capacity of approximately 80 MW. The Company expects that the expansion
of the power plant will increase the revenues and income of Dorad. The terms of the approval have not been
published yet and the approval may be subject to prerequisites and other conditions. The expansion has not
yet been approved by Dorad and its approval and construction are subject to various conditions, including,
among others, receipt of corporate and other approvals and permits, obtaining financing, receipt of licenses
from the Israeli Electricity Authority, regulatory changes and market terms and condition, all of which are not
within the control of the Company.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel
Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay Capital focuses its business in
the renewable energy and power sectors in Europe and Israel.
To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean
energy and natural resources industries in Israel, Italy and Spain, including:
• Approximately 35.9 MW of photovoltaic power plants in Spain and a photovoltaic power plant of
approximately 9 MW in Israel;
• 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private
power plants with production capacity of approximately 860MW, representing about 6%-8% of Israel’s
total current electricity consumption;
• 51% of Talasol, which owns a photovoltaic plant with a peak capacity of 300MW in the municipality of
Talaván, Cáceres, Spain;
• Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies
operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of
approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
• 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW
pumped storage hydro power plant in the Manara Cliff, Israel;
• Ellomay Solar Italy One SRL and Ellomay Solar Italy Two SRL that are constructing photovoltaic plants
with installed capacity of 14.8 MW and 4.95 MW, respectively, in the Lazio Region, Italy; and
• Ellomay Solar Italy four SRL, Ellomay Solar Italy five SRL and Ellomay Solar Italy Ten SRL that are
developing photovoltaic projects with installed capacity of 15.06 MW, 87.2 MW and 18 MW,
respectively, in the Lazio Region, Italy that have reached “ready to build” status.
For more information about Ellomay, visit http://www.ellomay.com.
Information Relating to Forward-Looking Statements
This press release 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 press release 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,” “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 regulatory changes, the decisions of the Israeli Electricity Authority, changes in demand, technical
and other disruptions in the operations of the power plant operated by Dorad, competition, changes in the
supply and prices of resources required for the operation of the Dorad’s facilities and in the price of oil and
electricity, changes in the Israeli CPI, changes in inflation and interest rates, seasonality, failure to obtain
financing for the expansion of Dorad and other risks applicable to projects under development and
construction, in addition to other risks and uncertainties associated with the Company’s and Dorad’s business
that are described in greater detail in the filings the Company makes from time to time with 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.
Kalia Rubenbach (Weintraub)
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com