Transatlantic independent power producer (IPP) Alternus Energy Group Plc (OSE: ALT) has successfully concluded its previously announced merger with Clean Earth Acquisitions Corp. (NASDAQ: CLIN), a special purpose acquisition company. The merger received approval from Clean Earth shareholders during a Special Meeting on December 4, 2023.
The merged entity, now operating as “Alternus Clean Energy Inc.” (Alternus Clean Energy or the Company), will be primarily owned by AEG, holding around 80% of the company shares. Clean Earth sponsors and public shareholders will hold the remaining shares. AEG’s assets have been largely acquired by the Company, while AEG itself will persist as a separate legal entity, continuing to trade on the Euronext Growth stock market in Oslo under the ticker (OSE: ALT). The amassed assets include 168 MW operational, 98 MW under construction, over 300 MW in developmental stages, and a future acquisition pipeline surpassing 1 GW.
The common stock of Alternus Clean Energy is set to commence trading on the NASDAQ Stock Market around December 26, 2023, under the ticker symbol “ALCE.”
Vincent Browne, CEO of Alternus Clean Energy, remarked, “This marks a significant leap for Alternus and its stakeholders. The successful merger with Clean Earth and subsequent NASDAQ listing are pivotal steps in our commitment to a sustainable future. With a year focused on refining our business model for higher margins and lower equity requirements, we’re poised to drive substantial growth, targeting 3 GW of operational assets in the next five years.”
Aaron Ratner, CEO of Clean Earth, added, “Completing our merger with AEG is a thrilling achievement. This strategic alignment positions us strongly in the renewable energy sector. As part of Alternus Clean Energy, we’re excited to harness our combined resources and expertise to establish a leading Transatlantic clean energy IPP.”
In the transaction, Clean Earth received financial advice from Jones Group Ventures LLC, with legal counsel provided by Winston & Strawn LLP and Proskauer Rose LLP. AEG was advised by Sichenzia Ross Ference Carmel LLP as their legal counsel.
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