Dublin, 12 April 2022 International renewable independent power producer (IPP) Alternus Energy Group Plc (OSE: ALT) (the “Company” or “Alternus”) is set to significantly grow its presence in the Spanish solar market with the completion of definitive agreements to acquire up to 228MW across 7 solar projects from an established Spanish developer.
Alternus has executed a binding purchase agreement to acquire the projects at ready-to-build (RTB) status. The projects are at mid stage development and are anticipated to reach RTB status during Q2 and Q3 of 2023 subject to permitting and suitable grid connection conditions.
The developer will be responsible for all activities and costs to achieve these milestones prior to closing. The projects are estimated to achieve Commercial Operation Date (COD) during 2024. Given the strong positive and predictable cashflows from these projects over the long term, Alternus expects to fully fund the acquisition and installation costs from debt facilities provided at project level.
Alternus’ EPC subsidiary, Unisun Energy BV, will install the projects and O&M subsidiary, Uper Energy BV, will provide operations & maintenance services.
These projects add to the 35MW Totana solar park acquired by Alternus last year bringing the Company’s Spanish pipeline to 263MW. The Totana project is expected to reach RTB in Q4 2023.
Speaking about the transaction, Vincent Browne, CEO, said:
“This acquisition once again demonstrates our successful local partnership business model that underpins our growth. Spain has one of the most mature solar markets in Europe with a high level of merchant and PPA projects offering several routes to market for this portfolio and future projects. We look forward to progressing our pipeline of 263MW in Spain to energisation and contributing to the ambitious Spanish solar targets.”
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.
