Nofar Energy Buys Ellomay Stake in $323M Strategic Power Play

TEL-AVIV, ISRAEL – March 04, 2026 – In a significant move reshaping Israel's renewable energy landscape, O.Y. Nofar Energy Ltd. has acquired the entire 45.9% controlling stake in Ellomay Capital Ltd. from its principal shareholders. The transaction, valued at approximately $323 million, marks a pivotal moment for both companies and has triggered an immediate restructuring of Ellomay's board of directors.

The deal saw principal shareholders S. Nechama Investments (2008) Ltd., Kanir Joint Investments (2005) LP, and Ms. Anat Raphael divest their holdings entirely to Nofar, a fast-growing public company listed on the Tel Aviv Stock Exchange. The change in ownership prompted the immediate resignations of board members Ms. Anita Leviant and Mr. Ehud Gil. Additionally, the Chairman of the Board, Mr. Ben Sheizaf, has announced his intention to resign within 30 days, completing the departure of the company's senior oversight.

This acquisition is more than a simple transfer of shares; it represents a strategic consolidation in the highly competitive global energy market, positioning the combined influence of Nofar and Ellomay as a more formidable force.

A Strategic Move to Dominate the Energy Landscape

For Nofar Energy, which has seen rapid expansion since its 2020 public offering, the acquisition is a calculated step in its global growth strategy. The deal provides Nofar with immediate access to Ellomay's extensive and geographically diverse portfolio, significantly accelerating its expansion into key European and American markets. The two companies share a strategic geographic overlap, with both having operations in Spain, Italy, Israel, and the USA, creating a powerful platform for operational synergies and accelerated project development.

Beyond expanding its renewable footprint, the acquisition notably diversifies Nofar's portfolio by giving it an indirect entry into the conventional energy sector. Through Ellomay, Nofar now holds a 16.875% interest in Dorad Energy Ltd., which operates one of Israel's largest private power plants. This move provides Nofar with a more balanced production mix, strengthening its overall market position and hedging against the intermittency of some renewable sources.

The transaction is seen as a key milestone in Nofar's ambition to become a global leader in the sustainable energy sector. By integrating Ellomay's established assets and development pipeline, Nofar can enhance its scale, improve operational efficiencies, and create a more robust platform to compete for and execute large-scale projects worldwide.

New Leadership for a New Era

To fill the void left by the departing board members, Ellomay's Board of Directors unanimously appointed two new independent non-executive directors: Ms. Odelya Ohayon and Mr. Gilad Mamlok. Their appointments signal an infusion of new expertise intended to guide Ellomay through its next phase of growth under Nofar's influence.

Ms. Odelya Ohayon brings over 15 years of executive experience as a strategic leader and business development expert. She currently provides high-level strategic advisory to CEOs and Boards, with a focus on business strategy and market innovation. Her past roles include serving as VP of Marketing at Samsung Electronics Israel, where she was a member of the Executive Management Team and managed an annual turnover of NIS 1.5 billion. Her extensive experience in managing large-scale business operations and driving marketing strategy will be invaluable as Ellomay navigates its new strategic direction.

Mr. Gilad Mamlok is a seasoned financial executive with three decades of experience, currently serving as the Chief Financial Officer of Protalix BioTherapeutics, Inc. His extensive background spans capital markets transactions, mergers and acquisitions, business development, and corporate governance in both healthcare and technology sectors. He has a proven track record of steering companies through critical financial milestones, including initial public offerings and complex licensing deals. Mr. Mamlok will immediately step into a crucial role on Ellomay's Audit Committee and Compensation Committee, replacing Ms. Leviant.

Ran Fridrich, CEO and board member of Ellomay, commented on the transition. “On behalf of the Company and the Board, I would like to express our sincere gratitude to Anita and Ehud for their dedicated service and meaningful contributions during their tenure,” he stated. “We are pleased to welcome Odelya and Gilad to the Board. We are confident that their experience, insight and leadership will be valuable assets to the Company. We look forward to working closely with them and are certain they will play an important role in guiding the Company toward continued growth and success.”

Unlocking the Potential of a Diverse Global Portfolio

The true value of the acquisition lies in Ellomay's rich and varied portfolio of energy projects, which will now benefit from Nofar's backing. Ellomay has cultivated a significant presence across multiple technologies and geographies, including:

• Solar Power: Approximately 335.9 MW of operating solar capacity in Spain, anchored by a 51% stake in the 300 MW Talasol solar plant. The company also holds a majority stake in 38 MW of solar plants in Italy, with another 160 MW under construction and 210 MW at the “ready to build” stage.
• Pumped Storage: An 83.3% stake in a project to construct a 156 MW pumped storage hydro power plant at the Manara Cliff in Israel, a critical asset for grid stability.
• Anaerobic Digestion: Three operating plants in the Netherlands that produce green gas from waste, with a combined production capacity of over 16 million Nm3 per year.
• US Expansion: A growing footprint of solar projects in the Dallas Metropolitan area, with approximately 38 MW connected to the grid and more under construction or awaiting connection.

For Ellomay, becoming part of the larger Nofar group provides enhanced access to capital and a more robust platform to advance these ambitious projects. The continued leadership of CEO Ran Fridrich ensures management stability and operational continuity, suggesting that Ellomay will continue its business operations while working to expand its activities within the new structure.

Market Reaction and Industry Consolidation

The transaction reflects a broader trend of consolidation within the global renewable energy industry, where financial strength and operational scale are becoming critical differentiators. By combining Nofar's aggressive growth trajectory with Ellomay's established asset base and development expertise, the new structure creates a powerful entity well-positioned for the future.

The deal values Ellomay Capital at approximately $700 million, based on the price paid for the 45.9% stake. The completion of the transaction remains subject to certain regulatory approvals, including from the Israeli Electricity Authority and the Competition Commissioner, which are expected within the next 90 days.

For investors, the move is a clear signal that both companies are preparing for the next stage of the energy transition. The integration of Ellomay's diverse, international assets with Nofar's strategic vision and financial power is expected to unlock long-term value and accelerate the development of sustainable energy infrastructure across key global markets.