Alternus Expands US Solar Portfolio with 80MW Acquisition

• Alternus Clean Energy Inc to acquire 80-MWp solar portfolio in US, expanding operational projects and aiming for 3 GW capacity in five years.

US solar developer Alternus Clean Energy Inc has agreed to acquire an over 80-MWp portfolio of solar parks located across eight states in the US for approximately USD 60 million. The portfolio consists of 33 assets with long-term offtake agreements with 16 counterparties, with an average remaining contract term of over 12 years.

The deal is expected to close by the end of the second quarter of this year, subject to the restructuring and assumption of the portfolio's existing debt. CEO Vincent Browne stated that the acquisition will almost triple the company's operational projects to over 120 MWp and enhance operational efficiencies, with the goal of reaching 3 GW of operating capacity within five years through further acquisitions.

What is the impact of Alternus Clean Energy's latest acquisition on the US solar industry?

• The acquisition will significantly increase Alternus Clean Energy's presence in the US solar industry, adding over 80 MWp of solar parks to their portfolio.
• With 33 assets and long-term offtake agreements with 16 counterparties, the company will have a diversified revenue stream and increased stability.
• The average remaining contract term of over 12 years provides long-term revenue visibility for Alternus Clean Energy.
• The deal showcases the company's commitment to growth and expansion in the renewable energy sector, with plans to reach 3 GW of operating capacity within five years through further acquisitions.
• The acquisition will likely have a positive impact on the US solar industry, as it demonstrates continued investment and development in renewable energy projects across the country.