Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 284

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 284
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 Group plc, the Company’s majority shareholder, on November 5, 2024. See Subsequent Events Footnote 23 for further details. In July 2023, one of the Company’s US subsidiaries acquired a 32 MWp solar PV project in Tennessee for $ 2.4million financed through a bank loan having a six-month term, 24% APY, and an extended maturity date of February 29, 2024. The project is expected to start operating in Q1 2026. 100% of offtake is already secured by 30-year power purchase agreements with two regional utilities. The Company had a principal outstanding balance of $ 7.0million as of September 30, 2024 and December 31, 2023, respectively. On July 3, 2024, management renegotiated the terms with the lender to extend the maturity date to October 1, 2024. As of the date of this report, this loan is in default; however, management is in active discussions with the lender to renegotiate the terms. Subsequently, the Company sold this project and its SPV to Alternus Energy Group plc, the Company’s majority shareholder on November 5, 2024. See Subsequent Events Footnote 23 for further details. 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 $ 1.9million, financed through a € 3.0million ($ 3.3million) 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 € 2.6million ($ 2.8million) from cash on hand. This note had a principal outstanding balance of $ 2.9million as of September 30, 2024 and $ 3.3million as of December 31, 2023, respectively. In October 2023, Alternus Energy Americas, one of the Company’s US subsidiaries secured a working capital loan in the amount of $ 3.2million with a 0% interest until a specified date