Brief: Alternus Energy Acquires Solar PV Projects

Alternus Energy

31/07/2023 13:09

July 31 (Reuters) - Alternus Energy Group PLC  ALTA.OL :
    * EXPANDS FOOTPRINT IN SPAIN WITH ACQUISITION OF SOLAR PV
PROJECTS
TOTALLING 32 MWP
    * HAS EXPANDED ITS PROJECT OWNERSHIP BY ACQUIRING A 32 MWP
PORTFOLIO OF SOLAR PV PROJECTS IN VALENCIA, SPAIN
    * NF PROJECTS WILL MEANINGFULLY CONTRIBUTE TO CO'S STATED
EOY 2024
EBITDA RUN RATE TARGET OF $90 MLN
    * WITH AN ESTIMATED USEFUL LIFE OF 30 YEARS, NF PROJECTS
WILL
GENERATE STABLE AND PREDICTABLE INCOME STREAMS FOR DECADES
    * PORTFOLIO CONSISTS OF SIX PROJECTS: FIVE OF WHICH,
TOTALING 24.4
MWP, ARE EXPECTED TO REACH OPERATION IN Q2 2024
    * REMAINING PROJECT EXPECTED TO ACHIEVE OPERATION IN Q1 2025
    * ONCE OPERATING, 10-YEAR AVERAGE ANNUAL REVENUES FROM
INITIAL
PORTFOLIO OF FIVE WILL BE ABOUT $2.3 MLN, GOING TO $2.8 MLN ONCE
ALL CONNECTED
    * TOTAL EXPECTED CAPITAL EXPENDITURE TO BRING PROJECTS TO
OPERATION IS ABOUT $31 MLN
    * LOCAL BANK BANCO INTERNACIONAL ESPAÑOL-BANKINTER PROVIDING
INITIAL FUNDING FOR ACQUISITION

Source text for Eikon:  ID:nObiMklxsa 
Further company coverage:  ALTA.OL 

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