Alternus Clean Energy Announces Agreement to Acquire 80 MWp Operating Portfolio in the U.S.

Alternus Clean Energy, Inc., a prominent transatlantic clean energy independent power producer (IPP), has revealed the signing of definitive agreements with a U.S.-based fund to acquire over 80 MWp of operating portfolio spanning across the United States.

The portfolio, comprising 33 projects distributed across eight states, showcases geographical diversification within the U.S. market. With significant long-term agreements averaging over 12 years remaining, involving 16 different counterparties, including esteemed entities like Duke Energy, the portfolio ensures financial stability and predictability of revenue streams. The acquisition, valued at approximately $60 million including existing project debt, is targeted for completion by the end of Q2 2024.

Vincent Browne, CEO of Alternus Clean Energy, expressed enthusiasm for the strategic acquisition, marking the company’s entry into the U.S. renewable market. Browne highlighted the potential for operational expansion and improved financial performance across their renewable energy assets in both the U.S. and Europe, with the portfolio expected to almost triple the company’s operational projects to over 120MWp.

The move towards the U.S. market aligns with Alternus’ strategic pivot, as evidenced by the divestment of non-core projects in Poland and the Netherlands in late 2023. Browne emphasized the company’s commitment to pursuing near-term acquisitions of operating and ready-to-build projects, aiming to achieve 3GW of operating projects over the next five years.

The agreement underscores Alternus Clean Energy’s strategic growth trajectory and its dedication to capitalizing on emerging opportunities in the dynamic renewable energy sector.