Pumped Hydro Storage Plant, Manara Cliff Israel (156 MW)
Ellomay owns approximately 83% of the Pumped Hydro Storage Plant in Manara Cliff which is located in Northern Israel and has a total storage capacity of approximately 1900 MWh.
The commencement of construction works began in April 2021 with an expected cost of 476M Euros. The plant is expected to reach commercial operation during the second half of 2026 and generate annual revenues of 74M Euros and EBITDA of 33M Euros. Ellomay and the project’s other shareholder who holds approximately 17%, “Ampa”, invested the equity required for the projects, with the remainder of the funding received from a consortium of lenders led by Mizrahi Bank, at a scope of approximately NIS 1.18 billion.
The technology allows storing available energy for later use. The pumped storage technology stores energy during low demand periods and releases it during peak demand periods, thereby utilizing the gap in production costs in order to stabilize the grid’s voltage and regulation.
A pumped storage plant is a hydro-storage system comprised of upper and lower water reservoirs, connected by an underground water pressure pipe: during low demand – pumping water from the lower reservoir for energy storage, and during peak demand – releasing water from the upper reservoir for energy production. The technology utilizes excess manufacturing ability during low demand hours in order to increase supply during peak demand hours, thus providing available reserve to be used by the grid dispatcher during peak and low demand periods. Pumped storage also allows optimal grid stability functionality by providing a combination of low latency, high power and high energy response (~90 sec).
Photovoltaic Plants in Italy (200 MW)
Ellomay owns 100% of various Photovoltaic Plants in Italy, 20 MW of which have started construction in 2022. Permits for the remainder (approximately 180 MW) have been received and the projects are expected to commence construction during 2023.
In addition, Ellomay has additional projects in Italy in earlier development stages with the intention to reach a portfolio of approximately 1,000 MW PV (more information in the “Under Development” tab).