Dublin, Ireland, November 21, 2023 – Independent power producer Alternus Energy (OSE: ALT) revealed its strategic shift in preparation for the business combination with Clean Earth Acquisitions Corp. (NASDAQ: CLIN). In a higher-interest-rate environment, Alternus will concentrate on projects with smaller equity requirements and higher operating margins.
To maximize shareholder value, Alternus will divest its projects in non-core countries Poland and the Netherlands. Advanced negotiations for the sale are underway, with an expected closure by year-end, generating around €70 million. The proceeds will be used to pay down debt and fortify the balance sheet.
The company will maintain its focus on high-margin projects contributing over 60% of existing EBITDA. It will also complete the development portfolio of over 300MW in Italy and Spain. Alternus plans near-term acquisitions from a growing pipeline of “equity light” projects in North America.
These moves will optimize the project portfolio, supported by a €500 million credit facility with Deutsche Bank. €150 million is allocated for 210MW construction in Italy and Spain in 2024, operational in 2025.
Vincent Browne, Alternus Group CEO, stated, “Divesting non-strategic assets optimizes our portfolio, reducing debt and providing a springboard for renewed growth. Our focus on high-potential markets, supported by Nasdaq listing, instills confidence in achieving our goal of 3GW of operational projects within 5 years.”
About Alternus Energy Group
Alternus is a transatlantic independent power producer focusing on clean energy. Based in Ireland, we currently develop, install, own, and operate large-scale solar parks in Europe and the US. Our motivated team has driven rapid growth, and we aim to achieve 3GW of operating projects within five years through organic development and strategic opportunities. Our vision is to be a leading provider of 24/7 clean energy, fostering a sustainable future for renewable power in harmony with people and the planet. For more information, visit www.alternusenergy.com