Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1142

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 2
Chunk 1142
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 On July 3, 2024, management renegotiated the terms with the lender to extend
the maturity date to October 1, 2024. On November 5, 2024, the Company sold Alternus Energy Americas and its subsidiaries, including this
project, to Alternus Energy Group plc, a related party. Refer to Footnote 20 for further details. As a result of the sale, Alternus Energy
Group plc assumed the liability for the loan, as the original guarantor, and the Company had no further obligation under the loan. The
Company had a principal outstanding balance of $0.0 million and $2.7 million as of December 31, 2024 and 2023, respectively.

In July 2023, Alt Spain Holdco,
one of the Company’s Spanish subsidiaries acquired the project rights for a 32 MWp portfolio of Solar PV projects in Valencia, Spain,
with an initial payment of $1.9 million, financed through a €3.0 million ($3.3 million) bank facility having a six-month term and
accruing ’Six Month Euribor’ plus 2% margin. On January 24, 2024, the maturity date was extended to July 28, 2024. On July
28, 2024, the loan was further extended to January 28, 2025 and the principal amount was reduced to €2.6 million ($2.8 million) from
cash on hand. This note had a principal outstanding balance of $2.7 million and $3.3 million as of December 31, 2024 and 2023, respectively.

In October 2023, Alternus
Energy Americas, one of the Company’s US subsidiaries secured a working capital loan in the amount of $3.2 million with a 0% interest
until a specified date and a maturity date of March 31, 2024. In February 2024, the loan was further extended to February 28, 2025, and
the principal amount was increased to $3.6 million as compensation for the extension. The compensation was charged as interest costs in
the Consolidated Statement of Operations and Other Comprehensive Income/(Loss) during the period. Additionally, on February 5, 2024, the
Company issued the noteholder warrants to purchase up to 90,000 shares of restricted common stock, exercisable at $0.01 per share having
a