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Alternus Energy Group (ALT) completes €9 million (91 million NOK) funding, led by Nordic ESG and Impact investor, AV Group Sarl

By April 9, 2021No Comments

Dublin April 9th 2021 – Fast-growing pan-European independent power producer, Alternus Energy Group Plc (NOTC: ALT) (the “Company”, “Alternus” or “AEG”), is pleased to announce the recent issuance of €9 million of convertible notes lead by AVG Group Sarl (AVG), a Luxembourg based asset manager focused on Nordic ESG and Impact™ investing in the Nordics. AVG provided €8 million of the total investment with the remainder being provided by private individuals.

“We are delighted to have AVG as a new financing partner and look forward to working with them going forward as we continue to grow Alternus over the next few years in our continuing mission to become one of the largest pan-European solar operators by the end of the decade.” said Vincent Browne CEO.

Alternus decided to move its US listing to the Euronext exchange in Oslo as it represents an attractive market for renewable related companies and as a result of its active trading within the green bond markets. Oslo, also provides a European based listing for a European focused company.

AVG joins other Nordic investors in Alternus and plans further funding to supply Nordic based capital to Alternus over time with a particular focus on eastern European countries. In addition to funding, AVG and its team will help supply innovative solutions to the structure of the solar parks with some hybrid opportunities and help supply Alternus with the latest technologies coming from Norway and the Nordics.

“Working with Alternus helps prove that the Nordics are leading the way in terms of green investments. Vincent and his team have proven their performance capabilities over recent years and continue to impress in their ability to source excellent solar projects with long term positive income streams. New innovation and financial markets in the Nordics should prove to help push the world towards a cleaner and greener future and AVG looks forward to playing its part in this, “says Karl Andersen, Founder and CEO of AV Group.

Alternus has posted further details of the transaction on the Euronext NOTC service.

About Alternus Energy 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 the one of the largest pan-European IPPs by the end of the decade.

About AVG Group Sarl

AVG Group Sarl is a Luxembourg based asset manager that specialises in scaling Nordic ESG and Impact® technology and infrastructure EPC companies from the Nordics into the global marketplace. AVG has a dedicated team focused on climate solutions and is a UN PRI signatory.