Alternus Energy closes the acquisition of the 11MW operational portfolio to complete the 24MW agreement – EQ Mag Pro
Dublin : International renewable independent power producer (IPP) Alternus Energy Group Plc (OSE: ALT) (the “Company” or “Alternus”) has completed the acquisition of 11 megawatts (MW) of operational Polish solar parks as part of a 24MW contract. This brings the Company’s Polish operational portfolio to 88.6MW.
Alternus partnered with an experienced local developer for the development and installation of the assets which reached COD in Q1 2022. All projects, 1MW in size and located across the country, are supported by 15-year Government offtake agreements. The solar parks will continue to operate after the contracted period ends, securing the prevailing energy rates.
This acquisition completes the agreement between Alternus and the developer for a total contracted pipeline of 24MW; the first 13MW was acquired in December 2021. Alternus Energy will carry out asset management and the Group’s O&M arm, Uper Energy BV, will be responsible for operations & maintenance of the assets.
Speaking about the latest acquisition, Vincent Browne, Chairman and CEO, said
“Following the completion of this 24MW contract, our operational Polish portfolio now totals 88.6MW. Our contracted pipeline exceeds 350MW, 150MW of which has been secured with the same development partner underpinning our commitment to long term development partnerships. We look forward to continuing this successful collaboration and contributing to Poland’s decarbonisation efforts.”
Acquisition of the portfolio was fully funded by the EUR 10 million bond issuance completed by Alternus in March 2022.
Joseph Duey, CFO, Alternus Energy added
“These projects with long-term government offtake agreements in place will provide a secure predictable revenue stream for their 30+ year expected life further strengthening our Polish portfolio. We were particularly pleased to have completed the EUR 10 million bond issuance under challenging market conditions.”
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.
Source: alternusenergy
