Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 294

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 294
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 or financial feasibility.

16. Discontinued Operations Sold

In July 2023, the Company engaged multiple parties to market the Polish and Netherlands assets to potential buyers. In the fourth quarter of 2023, the Company decided to proceed with the sales of the 6 PV parks in Poland and 1 park in the Netherlands. As the exit of these two markets represented a strategic shift for the Company, the assets were classified as discontinued operations in accordance with ASC 205-20. As of December 31, 2023, the Polish and Netherlands assets were classified as disposal groups held for sale. The balances and results of the Polish and Netherlands disposal groups are presented below.

The sale of the Polish assets was finalized January 19, 2024 with a cash consideration of $ 59.4million for all operating assets. In accordance with ASC 360, the company removed the disposal group and recognized a gain of $ 3.5million upon the sale, of which $ 0.8million were costs associated with the sale.

The sale of the Netherlands assets was finalized February 21, 2024 with a cash consideration of $ 7.1million for all operating assets. In accordance with ASC 360, the company removed the disposal group and recognized a loss of $ 1.3million upon the sale, of which $ 0.5million were costs associated with the sale.

| Poland                                      
 Assets:                                     |     | As of      
 January 19 
 2024       
 (in        
 thousands) |        |     | As of       
 December 31 
 2023        |        |
|:--------------------------------------------|:----|:-----------|-------:|:----|:------------|-------:|
| Cash & cash equivalents                     |     | $          |    630 |     | $           |    630 |
| Other current assets                        |     |            |    442 |     |             |    443 |
| Property, plant, and equipment, net         |     |            | 63,107 |     |             | 63,107 |
| Operating leases, non-current               
 - assets                                    |     |            |  5,923 |     |             |  5,923 |
| Total assets held for sale                  |     | $          | 70,102 |     | $           | 70,103 |
| Liabilities:                                |     |            |        |     |             |        |
| Accounts payable                            |     |