DUBLIN, IRELAND: Alternus Energy Group Plc, a transatlantic renewable independent power producer, announced today that it has acquired a portfolio of six solar photovoltaic (PV) projects in Valencia, Spain, with a total capacity of 32 MWp. The deal is part of the company’s expansion strategy in the European market, especially in Spain, where it sees a large potential for growth.

The portfolio, known as the NF Projects, consists of five projects totaling 24.4 MWp that are expected to start operation in the second quarter of 2024, and one project of 7.6 MWp that is expected to start operation in the first quarter of 2025. The projects will generate an average annual revenue of $2.3 million for the first 10 years, increasing to $2.8 million once all projects are connected.

The total capital expenditure to bring the projects to operation is estimated at $31 million, which will be funded by a local bank, Banco Internacional Español-Bankinter.

The construction of the projects will be managed by Unison, a subsidiary of Alternus that specializes in solar project development and engineering. Unison has extensive experience in delivering solar projects on time and on budget in various countries.

Juan Carlos Martinez Amago, Country Manager for Alternus in Spain, commented on the acquisition: “We are excited to grow our footprint in Spain with this attractive set of projects. This deal strengthens our presence through the collaboration with local partners. We expect to actively pursue many similar projects in the years ahead. Notably, we are excited to work with our new banking partner Banco Internacional Español-Bankinter, who provided the funding to acquire the initial projects.”

The NF Projects will have an estimated useful life of 30 years, during which they will generate stable and predictable income streams for Alternus. The company will also benefit from flexible debt options that can maximize its equity returns. The NF Projects will contribute significantly to the company’s target of reaching an EBITDA run rate of $90 million by the end of 2024.

Vincent Browne, Chief Executive Officer of Alternus, noted: “This portfolio acquisition demonstrates our ability to penetrate Spain, a relatively new market for us in Europe. Spain has the potential to become a large market for us, so our dedicated local team is focused on sourcing additional accretive deals in this region. The NF Projects is a valuable addition to our pipeline, and I am fully confident that our team at Unison will once again deliver these projects on time and on budget.”

Alternus Energy Group Plc is an international vertically integrated independent power producer that owns and operates a diverse portfolio of renewable energy assets across Europe. The company aims to provide clean and sustainable energy solutions for its customers and communities while creating value for its shareholders.