DUBLIN, IRELAND: Alternus Energy Group Plc (OSE: ALT) is set to considerably develop its presence within the Spanish photo voltaic market with the completion of definitive agreements to buy as much as 228MW throughout 7 photo voltaic projects from a longtime Spanish developer.
Alternus has executed a binding buy settlement to buy the projects at ready-to-build (RTB) status. The projects are at mid stage development and are anticipated to attain RTB standing throughout Q2 and Q3 of 2023 topic to allowing and appropriate grid connection conditions.
The developer will be accountable for all actions and prices to obtain these milestones previous to closing. The projects are estimated to obtain Commercial Operation Date (COD) throughout 2024. Given the strong positive and predictable cashflows from these projects over the lengthy term, Alternus expects to fully fund the acquisition and set up prices from debt facilities provided at project level.
Alternus’ EPC subsidiary, Unisun Energy BV, will set up the projects and O&M subsidiary, Uper Energy BV, will present operations & upkeep services.
These projects add to the 35MW Totana photo voltaic park acquired by Alternus final year bringing the Company’s Spanish pipeline to 263MW. The Totana project is anticipated to attain RTB in Q4 2023.
Speaking about the transaction, Vincent Browne, CEO, said: “This acquisition as soon as once more demonstrates our profitable native partnership enterprise mannequin that underpins our growth. Spain has one of many most mature photo voltaic markets in Europe with a excessive level of service provider and PPA projects providing a number of routes to marketplace for this portfolio and future projects. We look ahead to progressing our pipeline of 263MW in Spain to energisation and contributing to the ambitious Spanish photo voltaic targets.”
Alternus Energy Group Plc is an worldwide vertically built-in independent energy producer (IPP). Headquartered in Ireland, and listed on the Euronext Growth Oslo, the Company develops, installs, owns, and operates midsized utility scale photo voltaic parks. The Company additionally has offices in Rotterdam and America. Alternus Energy goals to personal and function over 3.5 gigawatts of photo voltaic parks by the finish of 2025.
www.alternusenergy.com