— Portfolio Includes 3 Projects, all reaching RTB in 2023 —
— First Project “Dancing Horse” COD Scheduled for Q1 2025 —
Dublin Ireland, 1 August 2023 – Transatlantic renewable independent power producer (“IPP”) Alternus Energy (OSE:ALT) (the “Company” or “Alternus”) today announced that it has expanded its project ownership in the U.S. by acquiring a 32 MWp solar PV project in Tennessee, USA, known as “Dancing Horse”.
The project is the largest of a three-project portfolio known as “Sunrise”. Dancing Horse is expected to start operating in Q1 2025 and should produce annual revenue of approximately $2.3 million when fully operational. 100% of offtake is already secured by 30-year power purchase agreements with two regional utilities.
Dancing Horse is expected to generate a stable and predictable income stream for decades, enabling Alternus to utilize flexible debt options that can maximize equity returns.
Alternus Chief Executive Officer Vincent Browne noted, “Dancing Horse is a significant addition to our pipeline, the tip of the spear as we drive growth in the United States. Given our solid track record of execution, we believe we will connect this project on time in Q1 2025, thus further improving our revenue visibility.”
About Alternus Energy Group
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 the United States. For more information visit www.alternusenergy.com.
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 to differ materially from the Company’s estimated future results, performance or achievements expressed or implied by the forward-looking statements. These statements should not be relied upon as representing Alternus’ assessments of any date after the date of this notice The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
For More Information:
Alternus Energy Group
ir@alternusenergy.com
+1 (913) 815-1557
or
The Blueshirt Group
alternus@blueshirtgroup.com
+1 (323) 240-5796
