Pro-Active Investors – Thursday 3rd June – The deal also provides a strong platform for Alternus to grow in the Netherlands, adding over 250 MW of solar projects at various stages of development
Alternus Energy PLC (NOTC:ALT) told investors it had acquired, for cash and shares, a 60% stake in Netherlands-based clean energy group Unisun Energy Holding B.V, making the former a “fully vertically integrated independent solar power producer” with activities across the solar power chain.
The deal also provides a strong platform for Alternus to grow in the Netherlands, adding over 250 MW of solar projects at various stages of development.
“Unisun has a highly experienced and dedicated team that has a proven track record in successfully delivering high quality renewables projects in multiple countries in Europe,” said Vincent Browne, CEO of Alternus, in a statement.
“With this team and along with our recently recruited and experienced CTO, Gary Swan, we now have the proven ability to develop and construct our own solar PV parks.
“This capability will allow us to reduce the initial build costs and generate long term operational savings. The lower capital costs reduce our need for external capital as the EPC margins otherwise paid to third parties can now be reinvested, thus creating immediate and lasting shareholder value. We can also plan more effectively to execute on our current 1.4 GW contracted backlog.”
For the majority stake in Unisun Energy, Alternus paid €650,000 in cash and around €150,000 in shares (with 50,000 new shares issued).
The previous two owners will retain a 40% ownership and will remain with the business as CEO and COO of Unisun Energy.
Rotterdam-headquartered Unisun is led by industry veterans. CEO Andre Kempenaars and COO Leon Heijkoop have, between them, constructed and operated over 500 MW of wind and solar projects over the past decade.
The Unisun team currently totals 10 international industry specialists, who have collectively managed and successfully completed over 1 GW of energy projects in their careers so far. Unisun also provides O&M services to existing customers through its wholly-owned subsidiary Uper Energy Europe B.V. The group also offers Engineering Procurement and Construction (EPC) services.
Alternus has grown in four years from being a small Romania-based operator of two solar parks with 6 MWp to becoming a pan-European independent power producer with 25 solar photovoltaic (PV) parks and a total installed capacity of 30.5 MWp in four countries.
It aims to own and operate over 2 GWs of solar parks by the end of 2025 and to become one of the largest pan-European IPPs by the end of the decade.
Contact the author at giles@proactiveinvestors.com
