Alternus bags Deutsche Bank debt for 600-MW solar buildout, new acquisitions

Ireland’s Alternus Energy Group Plc (OSE:ALT) has sealed deals to receive up to EUR 500 million (USD 531.6m) in debt for the construction of up to 600 MW solar projects and the acquisition of new assets across Europe.

The non-recourse debt facility, which has an approved initial draw of EUR 80 million, will be extended by Germany’s Deutsche Bank. It will include both senior and mezzanine tranches, independent power producer (IPP) Alternus said on Thursday.

The fresh capital will go for the purchase of under-construction photovoltaic (PV) projects and already commissioned plants. Furthermore, Alternus will allocate some of the proceeds to close contracted acquisitions and install up to 600 MW of projects in its development pipeline on a revolving basis. The schemes will be executed to support the company’s growth plan.

By end-2025, Alternus aims to own and operate over 3.5 GW of solar parks and expects to boost its annual recurring revenues to more than EUR 200 million from the current EUR 30 million. The Irish firm currently owns assets located across five European countries.

In October, Alternus agreed a merger with blank check company Clean Earth Acquisitions Corp (NASDAQ:CLIN) that will give it a US listing on Nasdaq. The deal is seen to be finalised in the first half of 2023.

(EUR 1.0 = USD 1.063)

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