Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1160

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 2
Chunk 1160
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factors or otherwise where governments from time to time may review their laws and policies that support renewable energy and consider
actions that would make the laws and policies less conducive to the development and operation of renewable energy facilities, or other
factors that change the expected returns on the project. Any reductions or modifications to, or the elimination of, governmental incentives
or policies that support renewable energy or the imposition of additional taxes or other assessments on renewable energy could result
in, among other items, the lack of a satisfactory market for the development and/or financing of new renewable energy projects, our abandoning
the development of renewable energy projects, a loss of our investments in the projects, and reduced project returns, any of which could
have a material adverse effect on our business, financial condition, results of operations, and prospects. 

Development costs related
to abandoned projects for the year ended December 31, 2024 and 2023 were as follows:

    Year Ended December 31 

    2024  
    2023 

    (in thousands) 
  
    Miscellaneous Spanish costs 
    $(314) 
    $- 
  
    Miscellaneous United States costs 
     (434) 
     (163)
  
    Miscellaneous Irish costs 
     -  
     (635)
  
    Total 
    $(748) 
    $(798)

Miscellaneous development
cost relates to cost associated with projects abandoned during various phases, due to lack of technical, legal, or financial feasibility.

F-39

    19.
    Discontinued Operations

In July 2023, the Company
engaged multiple parties to market the Polish and Netherlands assets to potential buyers. In the fourth quarter of 2023, the Company decided
to proceed with the sales of the six PV parks in Poland and one park in the Netherlands. As the exit of these two markets represented
a strategic shift for the Company, the assets were classified as discontinued operations in accordance with ASC 205-20. As of December
31, 2023, the Polish and Netherlands assets were classified as disposal groups held for sale. The balances and results of the Polish and
Netherlands disposal groups are presented below.

The sale of the Polish assets
was finalized January 19, 2024 with a cash consideration of $59.4 million for all operating assets. In accordance with ASC 360, the company
removed the disposal group and recognized a gain of $3.4 million upon the sale, of which