EcoEnergy's Electricity Sales Surge Amid Rising Losses and Project Delays
EcoEnergy, a renewable energy company operating across Europe and led by controlling shareholders Eyal Podhorzer and Yoav Shapira, reported a significant increase in electricity sales revenue in 2026, following a strategic shift initiated near its 2021 IPO. The company transitioned from developing and selling projects to holding and operating them, enabling revenue generation from electricity sales starting in 2024. Sales jumped from 566,000 euros in 2024 to 8.7 million euros in 2025, and further soared to 10 million euros in Q2 2026, driven by the connection of new projects to the grid and increased stakes in two large solar projects in Romania totaling approximately 240 megawatts.
Despite operational losses narrowing from 6.7 million euros to 4.1 million euros year-over-year in Q2, EcoEnergy's net loss deepened sharply to 28.1 million euros due to a surge in financing costs. The company finances its European operations with shekel-denominated bonds, and the shekel's appreciation against the euro, combined with higher interest expenses from expanded project activity, caused quarterly financing costs to rise from 3.3 million euros to 24.3 million euros.
Project connection delays in the UK and Romania, including a 40 MW storage project and seven Romanian projects totaling 296 MW, have postponed grid integration by an average of four months. These delays forced EcoEnergy to revise downward its 2026 revenue forecast by 12% to 65 million euros and EBITDA by 13% to 53 million euros. Similar adjustments were made in 2025 due to comparable issues.
Looking ahead, EcoEnergy reaffirmed its 2027 forecast with expected electricity sales revenue of 184 million euros and EBITDA of 150 million euros, nearly tripling 2026 figures. This outlook is supported by ongoing project development and a recent binding agreement to acquire a portfolio of wind projects in France for 135 million euros, including 128 MW already operational and 34 MW under construction.
EcoEnergy currently operates in Romania, Italy, the UK, Germany, Poland, and soon France, with a commercial and ready-to-connect project pipeline totaling 1 gigawatt, plus an additional 2.5 gigawatts under construction or development. Since its July 2021 IPO at a valuation of 1.1 billion shekels, the company's stock fell 51% by August 2024 but has since surged 429%, now valued at 5 billion shekels.
