Ellomay Capital Ltd. (TASE: ELLO) has agreed to sell a 45.9% controlling stake to O.Y. Nofar Energy Ltd. (TASE: NOFR) in a transaction valued at approximately NIS 1 billion, or about $310 million. The deal will transfer the majority of Ellomay’s outstanding shares from the current controlling shareholders—S. Nechama Investments (2008) Ltd., Kanir Joint Investments (2005) LP, and Anat Raphael—to Nofar, giving the Israeli renewable‑energy firm majority ownership of the company.
The agreement, signed on 16 December 2025, is subject to regulatory approvals from the Israeli Electricity Authority and the Competition Commissioner. A 90‑day approval window is in place, with provisions for extensions if necessary. Upon approval, Nofar will have the right to appoint up to four directors to Ellomay’s board, while Ellomay’s CEO Ran Fridrich will remain in place to oversee day‑to‑day operations.
Strategically, the transaction expands Nofar’s portfolio beyond its core solar and battery assets. By acquiring Ellomay, Nofar gains exposure to the company’s stake in Dorad Energy, which recently secured approval for a 650 MW expansion, and to Ellomay’s growing Italian solar pipeline, where the firm has recently won tariff awards for new projects. The move positions Nofar to diversify into conventional power generation while leveraging Ellomay’s established project development expertise.
For Ellomay, the sale provides a capital infusion that can accelerate its growth plans and strengthen its balance sheet. The company’s Italian projects, which have benefited from favorable regulatory support, represent a key growth engine, and the additional funding will help Ellomay scale these initiatives. The deal also aligns Ellomay’s interests with a larger renewable‑energy player, potentially unlocking synergies in technology, procurement, and market access.
Leadership continuity is a central feature of the agreement. Ran Fridrich will continue as CEO, ensuring operational stability during the transition, while Nofar’s board representation will bring new strategic perspectives. The combination of experienced management and fresh capital is expected to support Ellomay’s expansion ambitions and enhance shareholder value.
Overall, the transaction signals confidence from a major renewable‑energy firm in Ellomay’s diversified technology mix and project pipeline. The deal is poised to create a more robust entity with a broader geographic footprint and a stronger position in both renewable and conventional power markets, setting the stage for accelerated growth and increased market reach.
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