Increases Total Installed Capacity by 40% to Over 40 MW
New York, NY – July 31, 2019 – Globe Newswire — Alternus Energy Inc. (OTC: ALTN) (the “Company” or “Alternus”), a global renewable energy company, today announced the planned acquisition of Zonepark Rilland B.V. and its 11.75 MW ground-mounted solar photovoltaic (PV) power plant in Rilland, the Netherlands, in exchange for total consideration of $11.76 million (€10.5 million).
The Purchase Price includes the assumption of a third party senior bank financing in the amount of approximately $8.1 million (€7.2 million). In addition to the Purchase Price, the Seller will be entitled to receive an additional cash amount of up to a total of $560k (€500k) in the form of an earn out based on net cash proceeds received by the PV park over and above a set annual power output of 10,865 MwH. The total consideration will be adjusted for working capital movements between April 30, 2019 and Closing.
Rilland enjoys a 15-year government counter-party ‘Feed-in-Tariff’ (“FiT”) contract at fixed sales prices, in addition to a Power Purchase Agreement (“PPA”) with a local energy operator. The combined contracts provide long-term predictable positive cash flows to ALTN and as the park is already operational it will be immediately revenue and income accretive to ALTN on Closing. Based on current energy production Rilland is expected to add approximately $1.4 million (€1.2 million) in annual revenues for at least 15 years at average 75% gross margins to ALTN.
Vincent Browne, Alternus Energy’s Chief Executive Officer, President and Chairman, commented, “This transaction marks our successful expansion into the Netherlands, the fourth European country we will have energy generation operations in. This is just the beginning of our expansion in the Netherlands as we are partnered with local developers and already have additional projects in the near term pipeline. We believe we can aggregate to 200MW over the next three years based on current activties. We expect the Netherlands to be a strong growth engine for our Company in the coming years as we increase our activities there and add these to our growing portfolio of Solar PV parks.”
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, Romania and the Netherlands. For further information please go to: www.AlternusEnergy.com
About Unisun Energy Group
Unisun Energy (UNISUN) is a global clean energy solutions provider specializing in investing and developing clean energy power projects and managing power asset. The Company has also made significant progress in energy storage, intelligent micro-grid and power asset management. With its European headquarters in the Netherlands, the Company built the largest bifacial photovoltaic power plant in Europe. As of today, UNISUN’s global power plant projects have more than 1.4 GW of installed capacity, among which distributed PV power projects has generated 800 MW. For further information please go to: http://www.unisun-energy.com.
Forward-looking Statements
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.
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