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Alternus Energy (ALT) set to increase power capacity tenfold by end of 2023 with terms agreed for the acquisition of 1.2 GWp of additional solar PV projects

By April 9, 2021No Comments

Dublin April 9th 2021Fast-growing pan-European independent power producer, Alternus Energy Group Plc (NOTC: ALT) (the “Company”, “Alternus” or “AEG”), today announces that, during the first quarter of 2021, it has agreed terms to acquire over 1.2 GWp of additional solar PV projects. The projects are set to be acquired during 2021, following successful completion of ongoing due diligence activities with AEG’s expert advisor firms. Should all projects reach commercial operation, the total asset base would increase by over ten times what is operational today and deliver approximately €85 million in annual recurring revenues.

The agreements signed serve to underpin the Company’s growth over the next two years as part of the stated goal of achieving 2 GWp of operational projects by end of 2025. In the event that any of the target projects fail to meet due diligence or are not successfully commissioned, they will be replaced by other projects from growing partner pipelines, giving Alternus a high degree of confidence in the planned additions. Since its capital raise in December 2020, Alternus has now closed the acquisition of 18 MWp of the 109 MWp contracted projects announced. The remainder of the projects will be closed by the end of April, apart from a 65 MWp single project, which will be completed in Q2 2021 as originally planned once the project reaches commercial operation.

As at end of April 2021, Alternus will have proforma annual revenues of over €17 million and proforma EBITDA of approximately €14 million, which is expected to grow to proforma annual revenues of over €22 million and proforma EBITDA of approximately €18 million on closing of the 65 MWp project acquisition. If realised, this represents a fivefold increase in annual revenues and an increase in EBITDA of approximately €17.7 million over the 2020 reported results.

“In addition to closing the planned acquisitions and refinancing of our existing debt during Q1, the Company has taken major steps in building the 1.2 GWp contracted project baseline out to 2023. This was achieved well ahead of our plan by our dedicated team and a buoyant market that now understands Alternus can execute on its commitments. We are delighted with this performance and look forward to continuing building our contracted backlog throughout the rest of 2021. Our existing strategic partners have significant project pipelines for us to choose from,” says Vincent Browne, Alternus Energy Group CEO.

“The world is currently at the beginning of a one-time transition from fossil-based energy to renewables. We are proud to be in the forefront of this transition, as we continue to build one of the largest pan-European solar operators by the end of the decade”, continued Browne.

About Alternus Energy Group Plc

Alternus Energy Group (NOTC: ALT) is a fast-growing pan-European independent power producer (“IPP”), headquartered in Ireland, with a focus on the midsized utility solar PV market. Alternus owns and operates a diverse portfolio of utility scale solar PV parks that connect directly to national power grids on long-term government contracts (“FiT”) and/or Power Purchase Agreements (“PPAs”) with investment grade off-takers. Having started in 2016 with two parks and 6 MWp capacity, the current portfolio consists of 39 owned or contracted parks in Germany, Italy, Netherlands, Romania and Poland in excess of 140 MWp capacity. Alternus works closely with both local and international specialist development partners that each provide a constant pipeline of new projects for acquisition by Alternus. Alternus aims to own and operate over 2 GWs of solar parks by the end of 2025 and to become one of the largest pan-European IPPs by the end of the decade.

Forward Looking Statements: Certain information contained in this letter, including any information on the group’s plans or future financial or operating performance and other statements that express the group’s management’s expectations or estimates of future performance, constitute forward-looking statements (when used in this document, the words “anticipate”, “believe”, “estimate” and “expect” and similar expressions, as they relate to the group or its management, are intended to identify forward-looking statements). Such statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significant business, economic and competitive uncertainties. The group cautions that such statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of the group to be materially different from the group’s estimated future results, performance or achievements expressed or implied by those forward-looking statements.