Alternus Clean Energy expands US solar footprint

Alternus Clean Energy, Inc., a transatlantic IPP, has signed definitive agreements with a US-based fund to acquire over 80 MW of operating portfolio across the US. This acquisition will nearly triple its operational projects to over 120 MW, distributed across eight states. The portfolio includes 33 projects with PPA averaging over 12 years, involving 16 different counterparties. Approximately 20% of these agreements fall within the AAA and AA rating categories, such as Duke Energy, bolstering financial stability. The portfolio is expected to generate an average of $6.7 million in revenue and $5.1 million in operating income annually. The total consideration, including existing project debt, is approximately $60 million. Alternus plans to fund the acquisition at the project level, aiming for completion by the end of Q2 2024, subject to certain closing conditions, including restructuring and assumption of existing debt.