Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1782

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 5
Chunk 1782
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. Accordingly, we express no such opinion.

Our audit included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides
a reasonable basis for our opinion.

/s/ Mazars USA LLP

We served as the Company’s auditor in January
2024 to June 2024.

New York, NY

April 15, 2024

F-2

Report
of Independent Registered Public Accounting Firm

Board of Directors and Shareholders

Alternus Clean Energy, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance
sheet of Alternus Clean Energy, Inc. and its subsidiaries (collectively, the “Company”) as of December 31, 2024, and the related
statements of operations and comprehensive income/(loss), changes in shareholders’ deficit, and cash flows for the year then ended,
and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present
fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and
its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

We also have audited the adjustments to the
2023 consolidated financial statements to retrospectively apply discontinued operations, reverse stock split and segment reporting,
as discussed in Notes 19, 22 and 23, respectively, and the effects of the reclassification described in Note 3. Such adjustments are
appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2023 consolidated
financial statements of the Company other than with respect to the adjustments and, accordingly, we do not express an opinion or any
other form of assurance on the 2023 consolidated financial statements taken as a whole.

Explanatory Paragraph – Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements,
the Company has suffered continued negative cash flows and losses