Alternus Clean Energy set to Acquire Over 80 MWp of Operating Solar PV across eight states in the U.S.
01 May 2024 - 10:40PM
Alternus Clean Energy, Inc. (NASDAQ: ALCE) (“Alternus” or the
“Company”), a leading utility-scale transatlantic, clean energy
independent power producer (IPP) today announced the signing of
definitive agreements with a U.S. based fund to acquire over 80 MWp
of operating portfolio spanning across the U.S.
The Portfolio consists of 33 projects, distributed across eight
states, showcasing a geographical diversification within the U.S.
The portfolio has significant long-term agreements (average
remaining term of over 12 years) with 16 different counterparties.
Notably, approximately 20% of these fall within the AAA and AA
rating categories, such as Duke Energy, enhancing the financial
stability and predictability of revenue streams. The Portfolio is
expected to generate an average of $6.7 million of revenue and $5.1
million (before improvements) of operating income annually and
represents an outstanding opportunity to acquire established assets
generating reliable cash flows backed by long-duration contracts.
The total consideration is approximately $60 million including
existing project debt. Alternus plans to fund the acquisition at
the project level with the target for completion by the end of Q2
2024.
Alternus Clean Energy CEO Vincent Browne commented, “We are
excited with the signing of these definitive agreements as we
mark the first of our many identified strategic acquisitions
and other growth initiatives in the US, following our successful
listing on Nasdaq in December. On completion, this will almost
triple our operational projects to over 120MWp and will
further enhance operational efficiencies and financial performance
across our renewable energy assets in the U.S. and Europe. The
Portfolio will be immediately revenue and earnings accretive
generated by a diverse mix of revenue streams from quality long
term offtake contracts.”
“In late 2023, Alternus announced the strategic divestment of
non-core projects located in Poland and the Netherlands. The
proposed acquisition of the approximately 81 MW operational
portfolio in the U.S. underscores Alternus' strategic pivot towards
the U.S. renewable market, aligning with our plan to pursue
near-term acquisitions of both operating and ready-to-build
projects from a burgeoning pipeline of ‘equity light’ projects as
we build towards our goal of achieving 3GW of operating projects
over the next five years,” Mr. Browne concluded.
Closing of the acquisition is still subject to certain closing
conditions, including but not limited to, restructuring and
assumption of the existing debt.
Full details of the transaction and the agreement can be found
in the Company’s Current Report on Form 8-K to be filed with the US
Securities and Exchange Commission located at www.sec.gov and on
the Company’s website at
https://ir.alternusenergy.com/financials-filings/sec-filings.
About Alternus Clean
EnergyAlternus is a transatlantic clean energy
independent power producer. Headquartered in the United States, we
currently develop, install, own, and operate utility scale solar
parks in North America and Europe. Our highly motivated and dynamic
team at Alternus have achieved rapid growth in recent years.
Building on this, our goal is to reach 3GW of operating projects
within five years through continued organic development activities
and targeted strategic opportunities. Our vision is to become a
leading provider of 24/7 clean energy delivering a sustainable
future of renewable power with people and planet in harmony. For
more information visit www.alternusce.com.
Forward-Looking
StatementsCertain information contained in this
release, including any information on the Company’s plans or future
financial or operating performance and other statements that
express the Company’s management’s expectations or estimates of
future performance, constitute forward-looking statements. When
used in this notice, words such as “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” and similar expressions, as they relate to us or
our management team, identify forward-looking statements. Such
forward-looking statements are based on the beliefs of management,
as well as assumptions made by, and information currently available
to, the Company’s management. Such statements are based on a number
of estimates and assumptions that are subject to significant
business, economic and competitive uncertainties, many of which are
beyond the control of the Company. The Company cautions that such
forward-looking statements involve known and unknown risks and
other factors that may cause the actual financial results,
performance or achievements of the Company to differ materially
from the Company’s estimated future results, performance or
achievements expressed or implied by the forward-looking
statements. These statements should not be relied upon as
representing Alternus’ assessments of any date after the date of
this release. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
For More
Information:Investors:Alternus
Clean Energyir@alternusenergy.com+1 (913) 815-1557
or
Media:The Blueshirt
Groupalternus@blueshirtgroup.com+1 (323) 240-5796
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