Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 2284

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 7
Chunk 2284
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 of group revenues for the nine months ended September 30, 2024. Solis bondholders
continue to hold a preference share in an Alternus holding company which holds certain development projects in Spain and Italy. The preference
share gives the bondholders the right on any distributions up to €10 million, and such assets will be divested to ensure repayment
of up to €10 million should it not be fully repaid.  

F-35

On March 21, 2024, ALCE, SPAC
Sponsor Capital Access (“SCAF”), and the Sponsor of Clean Earth (“CLIN”) agreed to a settlement of a $1.4 million
note assumed by ALCE as part of the Business Combination that was completed in December 2023. The note had a maturity date of whenever
CLIN closes its Business Combination Agreement and accrued interest of 25%. ALCE issued 9,000 shares to SCAF in March 21, 2024 and a payment
plan of the rest of the outstanding balance was agreed to with payments to commence on July 15, 2024. The closing stock price of the Company
was $11.75 on the date of issuance.

On December 11, 2024, BESS
LLC, a wholly owned subsidiary of the Company, issued a non-interest-bearing promissory note with a principal amount of $2,000,000 as
partial consideration in the Asset Purchase Agreement for the acquisition of LiiON LLC’s battery storage business (see Footnote
5). The note was issued with a maturity date of December 31, 2027. Pursuant to the requirements of ASC 805, the Note was originally recorded
at its fair value of $1,537,000 (see Footnote 5) and included as partial consideration for the net assets acquired in the acquisition.

On December 30, 2024, one
of the Company’s subsidiaries, Alternus Europe Ltd, assumed a €1,000,000 ($1,041,720) promissory note from a subsidiary of
AEG, Alternus FundCo Ltd, with a 120% repayment premium plus 10% accrued interest maturing July 31, 2025. Additionally, the Company assumed
multiple promissory notes totaling $1,052,500 million from AEG maturing June 30, 2025.

On December 31, 2024, the
Company terminated their agreement with Meteora