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.