Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1166

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 2
Chunk 1166
---
 the
Company. Because these subsidiary sale transactions were between entities under common control, the transfer of their net liabilities
to AEG was accounted for at their carrying amounts, as an equity transaction, resulting in an equity contribution from the parent company
of approximately $12.3 million.

The major classes of assets
and liabilities transferred on November 5, 2024 in the sale of the Company’s subsidiaries are shown below:

    As of November 5 
  
    Entities Transferred to AEG 
    2024 

    (in thousands) 

    Assets: 

    Cash & cash equivalents 
    $13 
  
    Accounts receivable, net 
     31 
  
    Other current assets 
     969 
  
    Property, plant, equipment, net 
     16,742 
  
    Operating leases, non-current assets 
     619 
  
    Other non-current assets 
     2,712 
  
    Total assets transferred to AEG 
    $21,086 

    Liabilities: 

    Due to affiliates 
    $7,163 
  
    Accounts payable 
     5,743 
  
    Short term convertible & non-convertible notes 
     15,179 
  
    Operating leases, current liabilities 
     113 
  
    Other current liabilities 
     6,125 
  
    Operating leases, non-current liabilities 
     596 
  
    Total liabilities transferred to AEG 
    $34,919 

    Net assets/(liabilities) transferred to AEG 
    $(13,833)

F-43

    21.
    Sale of Italian Operating Parks

In June 2023 the Company engaged
an Italian firm to market the Company’s operating assets in Italy. During the fourth quarter of 2023 a buyer was identified, and
the sale of the assets was finalized on December 28, 2023. The Company received a cash consideration of $17.5 million for all operating
assets. In accordance with ASC 360, the Company removed the disposal group and recognized a loss of $5.5 million upon sale on December
28, 2023, of which $0.6 million were costs associated with the sale. The balances and results of the Italian disposal group are presented
below as of December 28, 2023:

    As of December 28, 
  
    Italy 
    2023 

    (in thousands) 
  
    Assets: