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Fixed Assets | 12 Months Ended
--- | ---
Dec. 31, 2024
Fixed Assets [Abstract] |
Fixed Assets | Note 8 - Fixed Assets
|  |  |  |  |  |  |  |  |  |  | Office |  |  |  |
|  | Solar |  |  | Pumped |  |  | Biogas |  |  | furniture and |  |  |  |
|  | plants |  |  | storage |  |  | plants |  |  | equipment |  |  | Total |
|  | € in thousands |
Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as at January 1, 2024 |  |  | 288,208 |  |  |  | 136,139 |  |  |  | 38,147 |  |  |  | 233 |  |  |  | 462,727 |
Additions |  |  | 64,119 |  |  |  | 16,296 |  |  |  | 1,496 |  |  |  | 126 |  |  |  | 82,037 |
Disposals |  |  | (2,910 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,910 | )
Effect of changes in exchange rates |  |  | 1,997 |  |  |  | 8,409 |  |  |  | - |  |  |  | - |  |  |  | 10,406 |
Balance as at December 31, 2024 |  |  | 351,414 |  |  |  | 160,844 |  |  |  | 39,643 |  |  |  | 359 |  |  |  | 552,260 |
Balance as at January 1, 2023 |  |  | *268,474 |  |  |  | *100,059 |  |  |  | 36,355 |  |  |  | 225 |  |  |  | 405,113 |
Additions |  |  | 19,841 |  |  |  | 42,099 |  |  |  | 1,792 |  |  |  | 27 |  |  |  | 63,759 |
Transfer to disposal groups held for sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (18 | ) |  |  | (18 | )
Effect of changes in exchange rates |  |  | (107 | ) |  |  | (6,019 | ) |  |  | - |  |  |  | (1 | ) |  |  | (6,127 | )
Balance as at December 31, 2023 |  |  | *288,208 |  |  |  | *136,139 |  |  |  | 38,147 |  |  |  | 233 |  |  |  | 462,727 |
Depreciation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as at January 1, 2024 |  |  | 42,266 |  |  |  | - |  |  |  | 12,296 |  |  |  | 183 |  |  |  | 54,745 |
Depreciation for the year |  |  | 12,939 |  |  |  | - |  |  |  | 2,296 |  |  |  | 23 |  |  |  | 15,258 |
Disposals |  |  | (490 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (490 | )
Balance as at December 31, 2024 |  |  | 54,715 |  |  |  | - |  |  |  | 14,592 |  |  |  | 206 |  |  |  | 69,513 |
Balance as at January 1, 2023 |  |  | 29,530 |  |  |  | - |  |  |  | 9,652 |  |  |  | 175 |  |  |  | 39,357 |
Depreciation for the year |  |  | 12,736 |  |  |  | - |  |  |  | 2,644 |  |  |  | 25 |  |  |  | 15,405 |
Transfer to disposal groups held for sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (18 | ) |  |  | (18 | )
Effect of changes in exchange rates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 1 |
Balance as at December 31, 2023 |  |  | 42,266 |  |  |  | - |  |  |  | 12,296 |  |  |  | 183 |  |  |  | 54,745 |
Carrying amounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As at January 1, 2023 |  |  | *238,944 |  |  |  | *100,059 |  |  |  | 26,703 |  |  |  | 50 |  |  |  | 365,756 |
As at December 31, 2023 |  |  | *245,942 |  |  |  | *136,139 |  |  |  | 25,851 |  |  |  | 50 |  |  |  | 407,982 |
As at December 31, 2024 |  |  | 296,699 |  |  |  | 160,844 |  |  |  | 25,051 |  |  |  | 153 |  |  |  | 482,747 |
* | Comparative amounts were reclassified, which resulted in €2,491 thousand and €2,412 thousand being reclassified as of December 31, 2023, and as of January 1, 2023, respectively, from pumped storage to solar plants.
Investment in Solar Plants Presented hereunder are data regarding the Company’s investments in solar plants as at December 31, 2024:
Solar Plant Title |  | Original nominal capacity |  | Achievement of PAC/Other status |  | Cost included in book value as at December 31, 2024 |
|  |  |  |  |  | € 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 |  |  | 217,594 |
“Ellomay Solar” |  | 28 MWP |  | July 2022 |  |  | 19,236 |
“Solar Italy One” |  | 14.8 MWP |  | December 2024 |  |  | 13,550 |
“Solar Italy Two” |  | 4.95 MWP |  | October 2024 |  |  | 4,233 |
“Solar Italy Four” |  | 15.6 MWP |  | RtB |  |  | 657 |
“Solar Italy Five” |  | 87.2 MWP |  | RtB |  |  | 5,454 |
“Solar Italy Seven” |  | 54.77 MWP |  | RtB |  |  | 1,874 |
“Solar Italy Nine” |  | 8 MWP |  | RtB |  |  | 531 |
“Solar Italy Ten” |  | 18 MWP |  | RtB |  |  | 15,584 |
“Solar Italy Fourteen” |  | 19.99 MWP |  | RtB |  |  | 833 |
“Solar Italy Fifteen” |  | 13.29 MWP |  | RtB |  |  | 637 |
“Solar Italy Eighteen” |  | 9.82 MWP |  | RtB |  |  | 275 |
“Fairfield Solar” |  | 13.44 MWP |  | Under construction |  |  | 15,854 |
“Mexia Solar I” |  | 5.6 MWP |  | Under construction |  |  | 6,122 |
“Mexia Solar II” |  | 5.6 MWP |  | Under construction |  |  | 5,516 |
“Malakoff Solar I” |  | 6.96 MWP |  | Under construction |  |  | 8,329 |
“Malakoff Solar II” |  | 6.96 MWP |  | Under construction |  |  | 7,922 |
“Talco Solar” |  | 10.3 MWP |  | Under construction |  |  | 8,198 |
The Company commences capitalization of expenses when it is probable that the Company will enjoy future economic benefits from the projects. For additional information see Notes 6C and 6D. On July 20, 2024, a fire broke out in the area between the Talasol Solar Plant and the Ellomay Solar Plant. See Note 6D2. The Company recorded disposals in the fixed assets in the amount of approximately €2,681 thousand as of December 31, 2024. 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. Security As of December 31, 2024, fixed assets of the Company’s subsidiaries with a carrying amount of €379,827 thousand are pledged as security for bank loans (see Note 11 regarding loans and borrowings with respect to terms and repayment dates). Capitalized borrowing costs In the year ended December 31, 2024, borrowing costs in the amount of €6,901 thousand were capitalized to qualifying assets. Those expenses are mostly related to the construction of the Manara PSP. Acquisition of fixed assets on credit During the year ended December 31, 2024, the Company acquired fixed assets on credit in the amount of €904 thousand. The cost of acquisition had not yet been paid at the reporting date. During the year ended December 31, 2023, the Company paid fixed assets on credit from previous years in the amount of €520 thousand.

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