Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 218

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 218
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’s only precombination
assets were cash and investments and the SPAC did not meet the definition of a business in accordance with U.S. GAAP. Therefore, the
substance of the transaction was a recapitalization of the target (AEG) rather than a business combination or an asset acquisition. In
such a situation, the transaction is accounted for as though the target issued its equity for the net assets of the SPAC and, since a
business combination has not occurred, no goodwill or intangible assets would be recorded. As such, AEG is considered the accounting
acquirer and these consolidated financial statements represent a continuation of AEG’s financial statements. Assets and liabilities
of AEG are presented at their historical carrying values.

F-9

| Subsidiary                                 |     | Principal       
 Activity        |     | Date Acquired /           
 Established               |     | ALTN Ownership                |     | Country of  
 Operations  |
| Power Clouds S.r.l.                        |     | SPV             |     | 31 March 2015             |     | Solis Bond Company DAC        |     | Romania     |
| F.R.A.N. Energy Investment S.r.l.          |     | SPV             |     | 31 March 2015             |     | Solis Bond Company DAC        |     | Romania     |
| PC-Italia-01 S.r.l.                        |     | Sub-Holding SPV |     | 15 May 2015               |     | AEG MH 02 Limited             |     | Italy       |
| Zonnepark Rilland B.V.                     |     | SPV             |     | 20 December 2019          |     | Solis Bond Company DAC        |     | Netherlands |
| PC-Italia-03 S.r.l.                        |     | SPV             |     | 1 July 2020               |     | AEG MH 02 Limited             |     | Italy       |
| PC-Italia-04 S.r.l.                        |     | SPV             |     | 15 July 2020              |     | AEG MH 02 Limited             |     | Italy       |
| Solis Bond Company DAC                     |     | Holding Company |     | 16 October 2020           |     | AEG JD 03 Limited             |     | Ireland     |
| ALT US 03, LLC                             
 (Walking Horse Solar, LLC)                 |     | LLC