Alternus creates clean energy development arm prior to Nasdaq debut

Alternus Energy Group Plc (OSE:ALT), the Irish independent power producer (IPP) that is about to secure a US listing via a merger with a blank check company, has set up a dedicated clean energy development business with a 5-GW pipeline of solar and storage projects.

The new Dublin-based firm, called Altnua, will be engaged in the development of utility-scale projects in Europe and the US. Its strategy will revolve around the acquisition of development businesses to scale their portfolios, according to the announcement on Monday.

Altnua will be led by CEO Bill Sadlier, who is tasked with building out his team for the execution of the plan. This will happen over the coming months.

“We have an ambitious vision for this business with a goal of adding over 5 GW of organically developed operational parks to the Alternus portfolio by the end of the decade,” Sadlier stated.

In turn, Alternus’ CEO and chairman, Vincent Browne, commented that the creation of Altnua is the next logical step in the company’s current growth path.

“As long-term owners of clean energy projects, we see tremendous value by stepping in earlier in the value chain. This allows us to reduce our overall capital expenditure and to optimise the long-term design and operation of the projects from inception, including the use of storage and other hybrid solutions. This will also provide an assured pipeline of future operational parks to support better planning and use of group resources,” he explained.

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