Alternus Clean Energy has agreed to acquire an 80 MW portfolio of 33 operating PV projects distributed across eight U.S. states.
The portfolio has agreements in place, the company says, with an average remaining term of 12 years through 16 different counterparties.
Total consideration is approximately $60 million including existing project debt. Alternus plans to fund the acquisition at the project level with the target for completion by the end of this quarter.
“We are excited with the signing of these definitive agreements as we mark the first of our many identified strategic acquisitions and other growth initiatives in the U.S., following our successful listing on Nasdaq in December,” says Vincent Browne, Alternus Clean Energy CEO.
“On completion, this will almost triple our operational projects to over 120 MW and will further enhance operational efficiencies and financial performance across our renewable energy assets in the U.S. and Europe. The portfolio will be immediately revenue and earnings accretive generated by a diverse mix of revenue streams from quality long term offtake contracts.”
Closing of the acquisition is still subject to certain closing conditions, including restructuring and assumption of the existing debt.
