DUBLIN, IRELAND: Alternus Energy Group Plc (OSE: ALT) is set to significantly grow its presence in the Spanish solar market with the completion of definitive agreements to acquire up to 228MW across 7 solar projects from an established Spanish developer.
Alternus has executed a binding purchase agreement to acquire the projects at ready-to-build (RTB) status. The projects are at mid stage development and are anticipated to reach RTB status during Q2 and Q3 of 2023 subject to permitting and suitable grid connection conditions.
The developer will be responsible for all activities and costs to achieve these milestones prior to closing. The projects are estimated to achieve Commercial Operation Date (COD) during 2024. Given the strong positive and predictable cashflows from these projects over the long term, Alternus expects to fully fund the acquisition and installation costs from debt facilities provided at project level.
Alternus’ EPC subsidiary, Unisun Energy BV, will install the projects and O&M subsidiary, Uper Energy BV, will provide operations & maintenance services.
These projects add to the 35MW Totana solar park acquired by Alternus last year bringing the Company’s Spanish pipeline to 263MW. The Totana project is expected to reach RTB in Q4 2023.
Speaking about the transaction, Vincent Browne, CEO, said: “This acquisition once again demonstrates our successful local partnership business model that underpins our growth. Spain has one of the most mature solar markets in Europe with a high level of merchant and PPA projects offering several routes to market for this portfolio and future projects. We look forward to progressing our pipeline of 263MW in Spain to energisation and contributing to the ambitious Spanish solar targets.”
Alternus Energy Group Plc is an international vertically integrated independent power producer (IPP). Headquartered in Ireland, and listed on the Euronext Growth Oslo, the Company develops, installs, owns, and operates midsized utility scale solar parks. The Company also has offices in Rotterdam and America. Alternus Energy aims to own and operate over 3.5 gigawatts of solar parks by the end of 2025.