<SEC-DOCUMENT>0001213900-25-011748.txt : 20250210
<SEC-HEADER>0001213900-25-011748.hdr.sgml : 20250210
<ACCEPTANCE-DATETIME>20250210161523
ACCESSION NUMBER:		0001213900-25-011748
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250210
FILED AS OF DATE:		20250210
DATE AS OF CHANGE:		20250210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ellomay Capital Ltd.
		CENTRAL INDEX KEY:			0000946394
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35284
		FILM NUMBER:		25605921

	BUSINESS ADDRESS:	
		STREET 1:		9 ROTHSCHILD BLVD.
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			6688112
		BUSINESS PHONE:		011-972-3-797-1111

	MAIL ADDRESS:	
		STREET 1:		9 ROTHSCHILD BLVD.
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			6688112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUR MACROPRINTERS LTD
		DATE OF NAME CHANGE:	19980331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUR ADVANCED TECHNOLOGIES LTD
		DATE OF NAME CHANGE:	19950607
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea0230494-6k_ellomay.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 6-K<BR>
<BR>
<FONT STYLE="text-transform: uppercase">Report of Foreign Private Issuer</FONT><BR>
<FONT STYLE="text-transform: uppercase">Pursuant to Rule</FONT> 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">For the month of February 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Commission File Number: 001-35284</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Ellomay Capital Ltd.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Translation of registrant&rsquo;s
name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>18 Rothschild Blvd., Tel Aviv
6688121, Israel</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive
office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Form 20-F &#9746; &nbsp;&nbsp;&nbsp;Form 40-F
&#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Updates in connection with
Potential Public Offering in Israel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">In
connection with the announcement by Ellomay Capital Ltd. (the &ldquo;<B>Company</B>&rdquo;), dated January 21, 2025, that it is examining
the possibility of a public offering and listing in Israel of a new series of debentures, the Company provides the following update:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55pt"><B><I>Company Overview</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are involved in the initiation,
development, construction and production of renewable and clean energy projects in Europe, USA and Israel. We indirectly own: (i) approximately
335.9 megawatts (&ldquo;<B>MW</B>&rdquo;), of solar power plants in Spain (including a 300 MW photovoltaic plant in owned by Talasol Solar
S.L, which is 51% owned by us) and approximately 38 MW of solar power plants in Italy, all connected to their respective national grids,
(ii) solar projects under advanced development in Italy with an aggregate capacity of 195 MW that reached ready to build status, (iii)
9.375% of Dorad Energy Ltd., (iv) Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating
anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million
Normal Cubic Meter per year, respectively, (v) 83.333% of Ellomay Pumped Storage (2014) Ltd., which is constructing a 156 MW pumped storage
hydro power plant in the Manara Cliff, Israel (the &ldquo;<B>Manara PSP</B>&rdquo;) and (vi) solar projects under construction in the
Dallas Metropolitan area, Texas with an aggregate capacity of approximately 48.5 MW (Fairfield, Malakoff, Mexia and Talco projects). We
also initiate and develop additional solar projects in Italy, USA, Spain and Israel. For more information, see below and &ldquo;Item 4.A:
History and Development of Ellomay&rdquo; and &ldquo;Item 4.B: Business Overview&rdquo; of our Annual Report on Form 20-F for the year
ended December 31, 2023, filed with the Securities and Exchange Commission on April 18, 2024 (the &ldquo;<B>2023 Annual Report</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55pt"><B><I>Projects under Development
and Construction</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The
</B></FONT><B><FONT STYLE="background-color: white">Manara</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">PSP</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The construction of the Manara
PSP commenced in April 2021. We and Ampa Ltd., Manara PSP&rsquo;s other shareholder, invested the equity required for the Manara PSP (not
including indexation), with the remainder of the funding received from a consortium of lenders led by Mizrahi Tefahot Bank Ltd., at a
scope of approximately NIS 1.27 billion. This aggregate amount is linked to a synthetic composite index comprising a weighted average
of the indices and currencies applicable to the Manara PSP&rsquo;s construction costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Due to the &ldquo;Iron
Swords&rdquo; war situation, which also affects the northern area of Israel in proximity to the Lebanon border, works on the Manara
PSP site were suspended in early October 2023. Originally, the project was planned to become commercially operational in the first
half of 2027. However, due to the ongoing war, the operation date will be delayed. As a result of the delays due to the war, the
Israeli Electricity Authority has approved a 16-month extension to the project schedule. We currently estimate that the Manara PSP
will become commercially operational during the first quarter of 2029. For more information, see &ldquo;Item 4.B: Business
Overview&rdquo; under the heading &ldquo;Pumped Storage Project in the Manara Cliff in Israel&rdquo; of our 2023 Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>The construction of the Manara
PSP and the connection of this project to the grid are subject to risks and uncertainties. For more information concerning these and other
risks see under &ldquo;Item 3.D: Risk Factors - Risks Related to our Business&rdquo; of our 2023 Annual Report.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white"><B>Italian
Solar Portfolio</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have a 198 MW Italian solar
portfolio (the &ldquo;<B>Italian Solar Portfolio</B>&rdquo;) that includes: (i) solar facilities with an installed capacity of an aggregate
of 19.8 MW and 18.1 MW that were connected to the grid in February-May 2024 and in January 2025, respectively, and (ii) solar projects
with an aggregate installed capacity of approximately 160 MW that have reached Ready to Build. All of these projects are located in the
Lazio Region, Italy. In addition, we have solar projects in Italy under development as detailed below under &ldquo;Additional Solar Projects
under Development.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">In September 2024, we received a
commitment letter and term sheet from a reputable European institutional investor (the &ldquo;<B>Lender</B>&rdquo;), setting for the terms
and conditions of financing the Italian Solar Portfolio, in an amount of up to &euro;110 million. Subject to the terms and conditions
agreed by between the parties, the Lender is willing to provide our wholly-owned Luxembourg subsidiary, which owns the Italian project
companies or the Italian project companies directly, a nonrecourse merchant loan by way of senior secured notes, which may be drawn down
in several installments<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,</FONT> with a final repayment date
of approximately 23 years following financial closing. We currently expect that the annual interest rate will be a fixed rate of approximately
4.5% and that the financing agreement will be executed during the first quarter of 2025. <I>The Lender&rsquo;s commitments are subject
to the satisfactory completion of due diligence by the Lender and the finalization of the project finance documentation. Therefore, we
cannot assure you that the financing contemplated by the commitment letter will be executed or consummated and, to the extent executed
and consummated, what the final terms of such financing will be.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In December 2024, we executed
construction agreements with an EPC contractor for the 160 MW projects that are ready to build and included in the Italian Solar Portfolio.
We expect to issue a notice to proceed to the EPC contractor during the first quarter of 2025 and the construction is expected to take
approximately 18 months. The EPC agreements are conditioned, among other things, on the execution of a financing agreement for the Italian
Solar Portfolio as detailed above. In addition, we are currently in advanced negotiations for the inclusion of an institutional investor
as a 49% stakeholder in our Italian Solar Portfolio. The cost of construction of the Italian Solar Portfolio, including related expenses,
is currently estimated at approximately &euro;200 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>We will require additional
funding to fund the equity investment required for the construction of the Italian Solar Portfolio, which may be obtained by issuance
of debt/equity and/or sale of assets. As noted above, there is no assurance that the project finance agreement will be executed and/or
that the agreement with the potential stakeholder in our Italian Solar Portfolio will be executed and what the final terms of these transactions
will be, or that we will be able to fund the equity required for some or all of the Italian Solar Portfolio.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white"><B>Israeli
Solar Portfolio</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">We
are </FONT>advancing <FONT STYLE="background-color: white">the following solar projects in Israel: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><FONT>the Klahim and Komemiyut projects, each intended for 21 MW solar
and 50 MW / hour batteries. The sale of electricity will be conducted through a private supplier. We waived the rights we won in a solar
/ battery tender process in connection with these projects and therefore paid a forfeiture of guarantee in the amount of NIS 1.8 million.
We are in advanced negotiations with a local supplier for the execution of a long-term PPA; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><FONT>the Talmei Yosef project, intended for 10 MW solar and 22 MW / hour
batteries. The request for zoning approval was approved in the fourth quarter of 2023; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><FONT>the Talmei Yosef storage project in batteries, which obtained zoning
intended for approximately 400 MW / hour. The project is designed for the regulation of high voltage storage; and </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">there are additional 46 MW solar that are under preliminary planning
stages.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white"><B>Texas,
USA, Solar Portfolio</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">There are currently four projects
under construction with an aggregate capacity of approximately 49 MW: (i) the Fairfield and Malakoff projects, with an aggregate capacity
of approximately 27.36 MW, expected to be connected to the grid during the first quarter of 2025 and (ii) the Mexia and Talco projects,
with an aggregate capacity of approximately 21.5 MW, expected to be connected to the grid during the second quarter of 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white"><B>Additional
Solar Projects under Development</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">In addition to the Italian Solar
Portfolio and the portfolio of Israeli and US Solar projects, we have solar projects under various development stages as follows: (i)
under advanced development stages &ndash; approximately 264 MW in Italy; and (ii) in early development stages &ndash; approximately 800
MW in Italy, US, Spain and Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>The advancement and development
of all projects other development is subject to the projects reaching several milestones, including receipt of regulatory approvals and
authorizations, procurement of land rights, obtaining financing, commencement and completion of construction and connection to the grid,
and to various risks and uncertainties applicable to projects under development and construction as more fully set forth under &ldquo;Item
3.D: Risk Factors&rdquo; of our 2023 Annual Report. In addition, we will require additional funding in order to fund the equity investment
required for the construction of the projects under development, which may be obtained by issuance of debt/equity and/or sale of assets.
There can be no assurance as to how many projects, if any, will reach the final stage of connection to the grid and operational status
and, even if projects reach certain milestones, there is no assurance that we will decide to advance the projects. We may advance some
or all of the projects with partners and therefore we may not wholly-own such projects in the future.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white"><B><I>Activity
in the Netherlands</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">During 2024, significant progress
was made in the process of obtaining the licenses to increase production by about 50% in each of our Dutch biogas plants. Increasing production
will require relatively small investments and is expected to significantly increase income and EBITDA. Following the directive of the
European Union to act to significantly increase the production of greed gas, the Dutch parliament approved the legislation mandating the
obligation to mix green gas with fossil gas, which will become effective commencing January 1, 2026. This legislation is expected to have
a positive effect on the prices of green gas and the price of the accompanying green certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"><I>The
execution of the possible public offering, its terms, scope and timing, are subject to approval by the Company&rsquo;s board of directors,
the receipt of regulatory approvals, including the approval of the TASE for the listing of the Debentures for trading, and other factors
such as market conditions. Accordingly there can be no assurance that the public offering will be consummated or as to the terms and timing
thereof.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; background-color: white"><I>The
public offering described in this report, if made, will be made in Israel only and not to U.S. persons. The Debentures, if offered, will
not be registered under the U.S. Securities Act of 1933, as amended, and will not be offered or sold in the United States without registration
or applicable exemption from the registration requirements according to the U.S. Securities Act of 1933. Nothing in this report constitutes
a public offering or an invitation to purchase the Company&rsquo;s securities.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.55pt"><B><I>Information Relating
to Forward-Looking Statements </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This report contains forward-looking
statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions
of the Company&rsquo;s management. All statements, other than statements of historical facts, included in this report regarding the Company&rsquo;s
plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the
words &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo; &ldquo;believe&rdquo; and similar expressions
are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company
may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue
reliance on the Company&rsquo;s forward-looking statements. Various important factors could cause actual results or events to differ materially
from those that may be expressed or implied by the Company&rsquo;s forward-looking statements, including market conditions, the outcome
of negotiations with third parties and of due diligence processes conducted on the Company&rsquo;s assets, escalation and continuation
of the war, hostilities and military conflicts in Israel, changes in regulation and license terms of the Company&rsquo;s facilities, changes
in electricity prices and demand, increases in interest rates and inflation, changes in the supply and prices of resources required for
the operation of the Company&rsquo;s facilities (such as waste) and in the price of oil, the impact of continued military conflict between
Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company and general
market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United
States. These and other risks and uncertainties associated with the Company&rsquo;s business are described in greater detail in the filings
the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking
statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether
as a result of new information, future events or otherwise.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">Ellomay Capital Ltd.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; text-indent: 0in; font-size: 10pt; width: 35%"><FONT STYLE="text-decoration: none"><I>/s/ Ran Fridrich</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">Ran Fridrich</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">Chief Executive Officer and Director</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -3in">Dated: February 10,
2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: -3in">&nbsp;</P>

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