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Alternus Energy closes the acquisition of 11MW operational portfolio to complete 24MW agreement

By March 31, 2022No Comments

Dublin, 31 March 2022 International renewable independent power producer (IPP) Alternus Energy Group Plc (OSE: ALT) (the “Company” or “Alternus”) has completed the acquisition of 11 megawatts (MW) of operational Polish solar parks as part of a 24MW contract. This brings the Company’s Polish operational portfolio to 88.6MW.

Alternus partnered with an experienced local developer for the development and installation of the assets which reached COD in Q1 2022. All projects, 1MW in size and located across the country, are supported by 15-year Government offtake agreements. The solar parks will continue to operate after the contracted period ends, securing the prevailing energy rates.

This acquisition completes the agreement between Alternus and the developer for a total contracted pipeline of 24MW; the first 13MW was acquired in December 2021. Alternus Energy will carry out asset management and the Group’s O&M arm, Uper Energy BV, will be responsible for operations & maintenance of the assets.

Speaking about the latest acquisition, Vincent Browne, Chairman and CEO, said

“Following the completion of this 24MW contract, our operational Polish portfolio now totals 88.6MW. Our contracted pipeline exceeds 350MW, 150MW of which has been secured with the same development partner underpinning our commitment to long term development partnerships. We look forward to continuing this successful collaboration and contributing to Poland’s decarbonisation efforts.”

Acquisition of the portfolio was fully funded by the EUR 10 million bond issuance completed by Alternus in March 2022.

Joseph Duey, CFO, Alternus Energy added

“These projects with long-term government offtake agreements in place will provide a secure predictable revenue stream for their 30+ year expected life further strengthening our Polish portfolio. We were particularly pleased to have completed the EUR 10 million bond issuance under challenging market conditions.”

About Alternus Energy

Alternus Energy Group Plc is an international vertically integrated independent power producer (IPP). Headquartered in Ireland, and listed on the Euronext Growth Oslo, the Company develops, installs, owns, and operates midsized utility scale solar parks. The Company also has offices in Rotterdam and America. Alternus Energy aims to own and operate over 3.5 gigawatts of solar parks by the end of 2025.

Forward Looking Statements: Certain information contained in this letter, 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 press release, 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 could differ materially from the Company’s estimated future results, performance or achievements expressed or implied by the forward-looking statements. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Our objective is to become a leading independent power producer in solar & renewable energy. By owning and operating a global network of distributed and connected green energy power plants, we aim to cater for the ever-growing need for sustainable energy production while also providing strong returns for our investors.