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Fixed assets | 12 Months Ended
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Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [abstract] |
Fixed assets | Note 8 - Fixed assets
|  | Photovoltaic Plants |  |  | Pumped storage |  |  | Biogas installations |  |  | Office furniture and equipment |  |  | Leasehold Improvements |  |  | Total |
|  | € in thousands |
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as at January 1, 2020 |  |  | 102,784 |  |  |  | - |  |  |  | 19,588 |  |  |  | 147 |  |  |  | 52 |  |  |  | 122,571 |
Additions |  |  | 120,842 |  |  |  | 16,607 |  |  |  | 558 |  |  |  | 38 |  |  |  | - |  |  |  | 138,045 |
New companies |  |  | - |  |  |  | - |  |  |  | *13,961 |  |  |  | - |  |  |  | - |  |  |  | 13,961 |
Disposals |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (52 | ) |  |  | (52 | )
Effect of changes in exchange rates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5 | ) |  |  | - |  |  |  | (5 | )
Balance as at December 31, 2020 |  |  | 223,626 |  |  |  | 16,607 |  |  |  | 34,107 |  |  |  | 180 |  |  |  | - |  |  |  | 274,520 |
Balance as at January 1, 2021 |  |  | 223,626 |  |  |  | 16,607 |  |  |  | 34,107 |  |  |  | 180 |  |  |  | - |  |  |  | 274,520 |
Additions |  |  | 26,529 |  |  |  | 62,285 |  |  |  | 1,085 |  |  |  | 8 |  |  |  | - |  |  |  | 89,907 |
Effect of changes in exchange rates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | 2 |
Balance as at December 31, 2021 |  |  | 250,155 |  |  |  | 78,892 |  |  |  | 35,192 |  |  |  | 190 |  |  |  | - |  |  |  | 364,429 |
Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as at January 1, 2020 |  |  | 5,456 |  |  |  | - |  |  |  | 2,545 |  |  |  | 129 |  |  |  | 52 |  |  |  | 8,182 |
Depreciation for the year |  |  | 830 |  |  |  | - |  |  |  | 1,457 |  |  |  | 12 |  |  |  | - |  |  |  | 2,299 |
Disposals |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (52 | ) |  |  | (52 | )
Effect of changes in exchange rates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | (4 | )
Balance as at December 31, 2020 |  |  | 6,286 |  |  |  | - |  |  |  | 4,002 |  |  |  | 137 |  |  |  | - |  |  |  | 10,425 |
Balance as at January 1, 2021 |  |  | 6,286 |  |  |  | - |  |  |  | 4,002 |  |  |  | 137 |  |  |  | - |  |  |  | 10,425 |
Depreciation for the year |  |  | 10,971 |  |  |  | - |  |  |  | 2,950 |  |  |  | 16 |  |  |  | - |  |  |  | 13,937 |
Effect of changes in exchange rates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | - |  |  |  | 2 |
Balance as at December 31, 2021 |  |  | 17,257 |  |  |  | - |  |  |  | 6,952 |  |  |  | 155 |  |  |  | - |  |  |  | 24,364 |
Carrying amounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As at January 1, 2020 |  |  | 97,328 |  |  |  | - |  |  |  | 17,043 |  |  |  | 18 |  |  |  | - |  |  |  | 114,389 |
As at December 31, 2020 |  |  | 217,340 |  |  |  | 16,607 |  |  |  | 30,105 |  |  |  | 43 |  |  |  | - |  |  |  | 264,095 |
As at December 31, 2021 |  |  | 232,898 |  |  |  | 78,892 |  |  |  | 28,240 |  |  |  | 35 |  |  |  | - |  |  |  | 340,065 |
* See Note 6D1, Reclassified Investment in Photovoltaic Plants As December 31, 2021, the Company indirectly owns six PV Plants that are connected to their respective national grids and operating as follows: (i) four photovoltaic plants in Spain with an aggregate installed capacity of approximately 7.9 MW, (ii) 51% of Talasol Project, which owns a photovoltaic plant with installed capacity of 300MW in the municipality of Talaván, Cáceres, Spain and (iii) one photovoltaic plant in Israel with an aggregate installed capacity of approximately 9 MW. In addition, the Company indirectly owns Ellomay Solar Project, that is constructing a PV Plant with installed capacity of 28 MW in the municipality of Talaván, Cáceres, Spain (see Note 6D2). In connection with PV Plants owned by the Company as (including the Ellomay Solar Project), the Company recorded as of December 31, 2021, fixed assets at an aggregate value of approximately €250,155 thousand, in accordance with actual costs incurred. Depreciation with respect to the PV Plants in Spain is calculated using the straight-line method over 20-25 years commencing from the connection to the national grid that represent the estimated useful lives of the assets. During the year ended December 31, 2021, the Company recorded depreciation expenses with respect to its PV Plants in Spain of approximately €10,971 thousand. Presented hereunder are data regarding the Company’s investments in photovoltaic plants as at December 31, 2021:
PV Plant Title |  | Nominal Capacity |  | Connection to Grid |  | Cost included in the Book value as at December 31, 2021 |
|  |  |  |  |  | € in thousands |
“Ellomay Spain – Rinconada II” |  | 2,275 kWp |  | June 2010 |  |  | 5,509 |
“Rodríguez I” |  | 1,675 kWp |  | November 2011 |  |  | 3,662 |
“Rodríguez II” |  | 2,691 kWp |  | November 2011 |  |  | 6,631 |
“Fuente Librilla” |  | 1,248 kWp |  | June 2011 |  |  | 3,212 |
"Talasol" |  | 300 MWP |  | January 2021 |  |  | 219,048 |
“Ellomay Solar” |  | 28 MWP |  | under construction |  |  | 12,093 |
Investment in Biogas Installations In connection with the Company’s three Biogas Installations (see Note 6D1), the Company recorded as of December 31, 2021, fixed assets at an aggregate value of approximately €38,464 thousand, in accordance with actual costs incurred. Depreciation with respect to the Biogas Installations is calculated using the straight-line method over 12 years commencing from the connection to the national grid that represent the estimated period of the license. During the year ended December 31, 2021, the Company recorded depreciation expenses with respect to its Biogas Installations in the Netherlands of approximately €2,950 thousand. Investment in Pumped Storage Project Commencing the fourth quarter of 2020, as it is probable that the Company will enjoy future economic benefits in connection with the Manara PSP, expenses in connection with the Manara PSP are capitalized as assets. In connection with the Manara PSP (see Note 6B), the Company recorded as of December 31, 2021, fixed assets at an aggregate value of approximately €79,092 thousand, in accordance with actual costs incurred. Capitalized borrowing costs In the reporting period borrowing costs in the amount of €2,922 thousand were capitalized to qualifying assets for the year 2021. Those expenses are related to the construction of the Talasol PV Plant and Manara PSP.

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