— Completes Acquisition of NF Projects Portfolio in Spain –
— Portfolio Includes 6 Projects, with 5 reaching RTB in 2023 –
Dublin Ireland, 31 July 2023 – Transatlantic renewable independent power producer (“IPP”) Alternus Energy Group Plc (OSE:ALT) (the “Company” or “Alternus”) today announced that it has expanded its project ownership by acquiring a 32 MWp portfolio of Solar PV projects in Valencia, Spain, known as the “NF Projects”.
The portfolio consists of six projects in total: five of which, totaling 24.4 MWp, are expected to reach operation in Q2 2024, with the remaining project expected to achieve operation in Q1 2025.
Once operating, 10-year average annual revenues from the initial portfolio of five will be approximately $2.3 million, going to $2.8 million once all are connected. The total expected capital expenditure to bring the projects to operation is approximately $31 million with local bank Banco Internacional Español-Bankinter providing the initial funding for the acquisition. Project construction will be managed by Alternus subsidiary Unisun.
Juan Carlos Martinez Amago, Country Manager for Alternus in Spain, commented, “We are excited grow our footprint in Spain with this attractive set of projects. This deal strengthens our presence through the collaboration with local partners. We expect to actively pursue many similar projects in the years ahead. Notably, we are excited to work with our new banking partner Banco Internacional Español-Bankinter, who provided the funding to acquire the initial projects.”
With an estimated useful life of 30 years, the NF Projects will generate stable and predictable income streams for decades, enabling Alternus to utilize flexible debt options that can maximize equity returns. The NF Projects will meaningfully contribute to the Company’s stated EOY 2024 EBITDA run rate target of $90 million.
Alternus Chief Executive Officer Vincent Browne noted, “This portfolio acquisition demonstrates our ability to penetrate Spain, a relatively new market for us in Europe. Spain has the potential to become a large market for us, so our dedicated local team is focused on sourcing additional accretive deals in this region. The NF Projects is a valuable addition to our pipeline, and I am fully confident that our team at Unisun will once again deliver these projects on time and on budget.”
About Alternus Energy Group
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 the United States. For more information visit www.alternusenergy.com.
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 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 notice 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:
Alternus Energy Group
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