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Fixed assets | 12 Months Ended
--- | ---
Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [abstract] |
Fixed assets | Note 8 - Fixed assets
|  |  |  |  |  |  |  |  |  |  | Office |  |  |  |
|  | Photovoltaic |  |  | Pumped |  |  | Biogas |  |  | furniture and |  |  |  |
|  | plants |  |  | storage |  |  | plants |  |  | equipment |  |  | Total |
|  | € in thousands |
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as at January 1, 2022 |  |  | 251,027 |  |  |  | 78,892 |  |  |  | 35,192 |  |  |  | 190 |  |  |  | 365,301 |
Additions |  |  | 15,036 |  |  |  | 29,124 |  |  |  | 1,163 |  |  |  | 33 |  |  |  | 45,356 |
Effect of changes in exchange rates |  |  | (1 | ) |  |  | (5,544 | ) |  |  | - |  |  |  | 1 |  |  |  | (5,544 | )
Balance as at December 31, 2022 |  |  | 266,062 |  |  |  | 102,472 |  |  |  | 36,355 |  |  |  | 224 |  |  |  | 405,113 |
Balance as at January 1, 2021 |  |  | 223,626 |  |  |  | 16,607 |  |  |  | 34,107 |  |  |  | 180 |  |  |  | 274,520 |
Additions |  |  | 27,401 |  |  |  | (*)59,488 |  |  |  | 1,085 |  |  |  | 8 |  |  |  | 87,982 |
Effect of changes in exchange rates |  |  | - |  |  |  | (*)2,797 |  |  |  | - |  |  |  | 2 |  |  |  | 2,799 |
Balance as at December 31, 2021 |  |  | 251,027 |  |  |  | 78,892 |  |  |  | 35,192 |  |  |  | 190 |  |  |  | 365,301 |
Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as at January 1, 2022 |  |  | 17,297 |  |  |  | - |  |  |  | 6,952 |  |  |  | 155 |  |  |  | 24,404 |
Depreciation for the year |  |  | 12,233 |  |  |  | - |  |  |  | 2,700 |  |  |  | 21 |  |  |  | 14,954 |
Effect of changes in exchange rates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1 | ) |  |  | (1 | )
Balance as at December 31, 2022 |  |  | 29,530 |  |  |  | - |  |  |  | 9,652 |  |  |  | 175 |  |  |  | 39,357 |
Balance as at January 1, 2021 |  |  | 6,286 |  |  |  | - |  |  |  | 4,002 |  |  |  | 137 |  |  |  | 10,425 |
Depreciation for the year |  |  | 11,011 |  |  |  | - |  |  |  | 2,950 |  |  |  | 16 |  |  |  | 13,977 |
Effect of changes in exchange rates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 2 |
Balance as at December 31, 2021 |  |  | 17,297 |  |  |  | - |  |  |  | 6,952 |  |  |  | 155 |  |  |  | 24,404 |
Carrying amounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As at January 1, 2021 |  |  | 217,340 |  |  |  | 16,607 |  |  |  | 30,105 |  |  |  | 43 |  |  |  | 264,095 |
As at December 31, 2021 |  |  | 233,730 |  |  |  | 78,892 |  |  |  | 28,240 |  |  |  | 35 |  |  |  | 340,897 |
As at December 31, 2022 |  |  | 236,532 |  |  |  | 102,472 |  |  |  | 26,703 |  |  |  | 49 |  |  |  | 365,756 |
* Restated following application of an amendment to IAS 16 - see Note 2C. Investment in Photovoltaic Plants Presented hereunder are data regarding the Company’s investments in photovoltaic plants as at December 31, 2022:
PV Plant Title |  | Original nominal capacity |  | Connection to grid/Other status |  | Cost included in the book value as at December 31, 2022
|  |  |  |  |  | € in thousands
“Ellomay Spain – Rinconada II” |  | 2.275 MWP |  | June 2010 |  | 5,509
“Rodríguez I” |  | 1.675 MWP |  | November 2011 |  | 3,662
“Rodríguez II” |  | 2.691 MWP |  | November 2011 |  | 6,631
“Fuente Librilla” |  | 1.248 MWP |  | June 2011 |  | 3,212
“Talasol” |  | 300 MWP |  | January 2021 |  | 219,934
“Ellomay Solar” |  | 28 MWP |  | July 2022 |  | 18,074
“Solar Italy One” |  | 14.8 MWP |  | Under construction |  | 3,215
“Solar Italy Two” |  | 4.95 MWP |  | Under construction |  | 1,012
“Solar Italy Four” |  | 15.6 MWP |  | Ready to Build status |  | 304
“Solar Italy Five” |  | 87.2 MWP |  | Ready to Build status |  | 3,811
“Solar Italy Ten” |  | 18 MWP |  | Ready to Build status |  | 698
On June 24, 2022, the Ellomay Solar PV Plant was connected to the electricity grid and commenced production of electricity. Depreciation started upon commencement of production. In addition, the Company indirectly owns five PV Plants projects in Italy that are in Ready to Build status or constructing. As it is probable that the Company will enjoy future economic benefits in connection with: (i) the Ellomay Solar Italy One SRL and Ellomay Solar Italy Two SRL projects since May 2022, (ii) the Ellomay Solar Italy Four SRL and Ellomay Solar Italy Five SRL projects since July 2022 and (iii) the Ellomay Solar Italy Ten SRL project since December 2022, expenses in connection with these projects are capitalized as assets (see Note 6C) commencing these dates. Investment in Biogas Plants In connection with the Company’s three biogas plants (see Note 6D1), the Company recorded as of December 31, 2022, fixed assets at an aggregate value of approximately €36,355 thousand, in accordance with actual costs incurred. Depreciation with respect to the biogas plants 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 subsidy. As the electricity and gas prices in the European markets have significantly increased and the sale of gas during 2023 will be without the use of the subsidy, the Company extended the depreciation in the Biogas Plants for another year in accordance with its ability to demand the subsidy for another year and enjoy future economic benefits. The effect of the change in depreciation period is immaterial. During the year ended December 31, 2022, the Company recorded depreciation expenses with respect to its biogas plants in the Netherlands of approximately €2,700 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(see Note 6B), expenses in connection with the Manara PSP are capitalized as assets. Capitalized borrowing costs In the reporting period borrowing costs in the amount of €5,116 thousand were capitalized to qualifying assets for the year 2022. Those expenses are mostly related to the construction of the Manara PSP.

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