Reduces Annual Interest Expense as Proceeds to Repay Higher Cost Debt
New York, NY, June 27, 2019 – Globe Newswire — Alternus Energy Inc. (OTC: ALTN) (the “Company” or “Alternus”), a global renewable energy company, today announced the successful closing of a EUR €8,628,000 ($9,749,640) from Eiffel Energy Transition Fund S.L.P. The funding is being used to refinance a portion of existing higher cost debt that was used to acquire the recent 7.2MW of solar projects in Italy, and will reduce the annual interest costs for these projects once the Eiffel funds are repaid by October 2019.
Vincent Browne, Alternus Energy’s Chief Executive Officer, President and Chairman, commented, “We appreciate the investment and confidence of our financial partner, Eiffel, in sharing our vision. We continue to see opportunities across Europe for us to a acquire solar park assets, operate and manage them under long-term contracts and generate solid cash flows for our company and shareholders.”
Pierre-Antoine Machelon of Eiffel commented, “We are very pleased to have completed this first transaction with Alternus Energy and we look forward to supporting the Company’s growth in the future as Vincent and his team execute on their growth plans.”
A supplemental filing with full details of the transaction has been filed at https://www.otcmarkets.com/stock/ALTN/disclosure
About Alternus Energy Inc.
Alternus Energy, Inc. is a global renewable energy company that owns and operates Utility Scale Solar parks internationally. Each solar park generates clean energy every day that is sold to national power grids under long term, government counterparty, fixed price contracts. The Company currently has operational solar parks in Germany, Italy and Romania with contracts in place to add additional solar parks in the Netherlands. For further information please go to: www.AlternusEnergy.com
About the Eiffel Energy Transition Fund
Eiffel Energy Transition is a professional investment fund, strictly reserved to institutional investors, with a 10-year lifespan. The Fund responds to the need of the energy transition sector with an original offer, by offering short term debt to developers while they await long term funding for their projects. The Fund is sponsored by the European Investment Bank, the French governmental agency ADEME and leading European institutional investors, and is managed by Eiffel Investment Group.
About Eiffel Investment Group
Eiffel Investment Group is a Paris-based asset manager specialized in SME financing. Eiffel Investment Group invests in European companies’ credit, through stock markets, private placements and digital lending platforms. With its subsidiary Alto Invest, an asset manager specialized in private equity investments, the group manages about 1.6 billion euros and proposes an extensive range of financing solutions. The group, which has significant equity, set in place an institutional infrastructure and makes sure that the interests are aligned with the institutional investors, the clients of the funds. Eiffel Investment Group is an independent company, owned by its team alongside IMPALA. Eiffel Investment Group is a renowned specialist of the energy transition. The company is a member of Finance for Tomorrow which contributes to the promotion of a sustainable finance serving a low carbon economy, and manages funds specialized in the financing of the energy transition.
More information on: https://www.eiffel-ig.com
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential” and similar statements. All statements other than statements of historical fact in this press release are forward-looking statements and involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements are based on management’s current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates, but involve a number of unknown risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the OTC Markets. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and actual results may differ materially from the anticipated results. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements.