Alternus Clean Energy To Acquire 80+ MW U.S. Solar Portfolio In $60 Million Deal

Alternus Clean Energy, Inc., a utility-scale transatlantic renewable energy independent power producer, has announced that it has signed definitive agreements with a U.S.-based investment fund to acquire a renewable energy portfolio of over 80 MWp across the United States. The acquisition portfolio consists of 33 operational solar projects spread across eight different U.S. states.

This wide distribution highlights strong geographical diversification, which helps reduce dependency on any single region and improves overall portfolio stability.The projects within the portfolio are supported by long-term power purchase agreements with an average remaining contract life of more than 12 years. These agreements are in place with 16 different counterparties, providing a stable and predictable revenue base.

Around 20 per cent of these counterparties are rated AAA and AA, including major utilities such as Duke Energy, which further strengthens the credit quality and reliability of future cash flows.Financially, the portfolio is expected to generate approximately $6.7 million in annual revenue and about $5.1 million in annual operating income before improvements. These figures reflect the portfolio’s ability to deliver consistent earnings from established operating assets backed by long-term contracts.

The total transaction value is approximately $60 million, which includes existing project-level debt. Alternus plans to finance the acquisition at the project level, with completion targeted by the end of the second quarter of 2024, subject to standard closing conditions such as debt restructuring and assumption.According to Alternus Clean Energy CEO Vincent Browne, this agreement represents the company’s first major strategic acquisition in the United States following its Nasdaq listing in December.

He stated that the deal is expected to nearly triple the company’s operational capacity in the U.S., increasing total operating assets to more than 120 MWp once completed. He also highlighted that the acquisition will improve operational efficiency and enhance financial performance across its renewable energy assets in both the United States and Europe.He further noted that the portfolio will contribute immediately to both revenue and earnings, supported by a diversified mix of long-term offtake contracts, making it a strong addition to the company’s growth strategy.

The company also pointed out that this acquisition aligns with its broader strategic shift toward the U.S. renewable energy market. Earlier, in late 2023, Alternus had announced the divestment of non-core assets in Poland and the Netherlands as part of this repositioning.

The company’s long-term strategy focuses on acquiring both operating and ready-to-build renewable energy projects from a growing pipeline, with an ambition to scale up to 3 GW of operational capacity over the next five years. Additional transaction details and formal disclosures are expected to be filed with the U.S. Securities and Exchange Commission and made available on the company’s official website.