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Fixed Assets

12 Months Ended

Dec. 31, 2024

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.