# Ellomay Capital

Ellomay Capital is an Asset Manager based in Tel Aviv, Israel.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Tel Aviv, Israel
- **Region:** Europe
- **Address:** Tel Aviv, Israel
- **Founded:** 1987
- **Assets under management:** Undisclosed
- **Website:** ellomay.com
- **LinkedIn:** https://www.linkedin.com/company/ellomaycapital

## Regulatory record

- **Reports private funds:** No

## About

Ellomay Capital was founded in 1987 and is led by CEO Ran Fridrich alongside Chairman Shlomo Nehama, a former chairman of Bank Hapoalim. The firm is publicly traded on the Tel Aviv and NYSE American exchanges. It operates as a developer and operator of utility-scale renewable energy projects, with the bulk of its deployed capital concentrated in photovoltaic solar plants and anaerobic digestion biogas facilities across Europe. The portfolio spans solar, biogas, and energy infrastructure. In Spain, Ellomay owns a portfolio of operational photovoltaic plants totaling hundreds of megawatts in generation capacity. Its Italian biogas operations consist of multiple anaerobic digestion facilities that convert agricultural waste into electricity. A minority stake in Dorad Energy, Israel's largest private power plant, adds conventional fossil-fuel generation to the mix. This combination makes Ellomay a hybrid of a greenfield developer, an operational yieldco, and a strategic minority holder in conventional energy. Ellomay maintains operational offices in Madrid and Milan, reflecting its geographic concentration in Spain and Italy. The firm has been active in capital markets as a public issuer to fund growth. In recent years, it has expanded its Spanish solar footprint significantly. In April 2023, Ellomay entered an agreement to acquire a controlling stake in a Spanish photovoltaic project portfolio, reinforcing its commitment to the Iberian market (per the firm, April 2023). A structural differentiator for Ellomay is its dual-listed nature on an Israeli and US exchange, giving it access to retail and institutional equity capital not typically available to a mid-market project developer. Unlike a traditional family office or closed-end fund, Ellomay is a permanent capital vehicle that holds and operates assets rather than flipping them to a fund lifecycle schedule.

## Sectors

- Energy Transition & Renewables
- Infrastructure

## Offices

- Madrid, Spain
- Milan, Italy

## People

- Ran Fridrich — Chief Executive Officer
- Shlomo Nehama — Chairman of the Board

## Questions

### How is Ellomay structured from a regulatory standpoint?

Ellomay Capital is a publicly traded limited liability company, not a closed-end fund. Its shares trade on the Tel Aviv Stock Exchange and NYSE American under the ticker ELLO. This provides permanent capital and subjects the firm to public-company disclosure standards, including audited financial statements filed with the SEC.

### What is the concentration of Ellomay's portfolio across energy types?

The firm concentrates on photovoltaic solar power and anaerobic digestion biogas. Its solar assets are located primarily in Spain, while its biogas plants operate in Italy. Ellomay also holds a material minority stake in the Dorad Energy conventional gas-fired power station in Israel, diversifying the portfolio beyond renewables.

### Does Ellomay develop projects from inception or acquire operating plants?

Ellomay engages in both greenfield development and the acquisition of already-operational or permitted renewable energy assets. This dual approach allows the firm to capture value from development premiums while also generating immediate cash flow from revenue-generating projects.

### Who chairs the board and what is their background?

Shlomo Nehama chairs the board of Ellomay. He is a prominent figure in Israeli finance and previously served as chairman of Bank Hapoalim, one of Israel's largest banks. His governance experience extends to other public companies, including Arko Holdings.

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Last updated: 2026-06-03T20:00:00.000Z

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