Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 3579

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 8
Chunk 3579
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31, 2023. In February 2023, the loan agreement was amended stating a new interest rate of 16% retroactive to the
date of the first draw in June 2022. In May 2023, the loan was extended, and the interest rate was revised to 18% from June 1, 2023. In
July 2023, the loan agreement was further extended to October 31, 2023. In November 2023, the loan agreement further extended to May 31,
2024. On December 31, 2024, the loan agreement was further extended to September 30, 2025 while also stating any accrued interest up to
the date of the amendment was to be added to the principal loan balance. As a result of these amendments, $3.2 million of interest was
recognized during the period ended December 31, 2024, and $5.9 million of accrued interest was added to the existing loan balance. The
Company had principal outstanding of $16.0 million and $11.0 million as of December 31, 2024 and 2023, respectively.

In June 2022, Alt US 02, a
subsidiary of Alternus Energy Americas, and indirect wholly owned subsidiary of the Company, entered into an agreement as part of the
transaction with Lightwave Renewables, LLC to acquire rights to develop a solar park in Tennessee. The Company entered into a construction
promissory note of $5.9 million with a variable interest rate of prime plus 2.25% and an original maturity date of June 29, 2023. On January
26, 2024, the loan was extended to June 29, 2024 due to logistical issues that caused construction delays. On October 11, 2024, management
renegotiated the terms with the lender to extend the maturity date to March 29, 2025. On November 5, 2024, the Company sold Alternus Energy
Americas and its subsidiaries to Alternus Energy Group plc, a related party. Refer to Footnote 20 for further details. The Company had
principal outstanding of $0.0 million and $4.3 million as of November 5, 2024 and December 31, 2023, respectively.

F-30

On February 28, 2023, Alt
US 03, a subsidiary of Alternus Energy Americas