Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 47

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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the Company’s subsidiaries, AEG MH02, entered into a Share Purchase Agreement with Alternus Energy Group Plc, a related party, for
the sale of the entire issued share capital of Alt Spain Holdco S.l.u., including all of its subsidiaries: ALT Spain 03, S.L.U., ALT Spain
04, S.L.U. and New Frog Projects SL, for a total consideration of €10. In accordance with ASC 360, the Company removed the net assets
of the disposal group and recognized a gain of $3.5 million upon closing the sale in March 2025, of which $0.6 million were costs associated
with the sale. The sale of the Company’s Spanish subsidiaries does not represent a discontinued operation because management continues
to pursue clean energy investment and development opportunities in Spain and Europe and does not view the sale as a strategic shift for
the Company.

24

The major classes of assets
and liabilities transferred on March 25, 2025 in the sale of the Company’s subsidiaries are shown below:

    As of March 25, 
  
    Spain 
    2025 

    (in thousands) 

    Assets: 

    Other current assets 
    $36 
  
    Total assets sold 
    $36 

    Liabilities: 

    Accounts payable 
    $196 
  
    Short secured debt 
     2,773 
  
    Operating leases, current liabilities 
     29 
  
    Other current liabilities 
     203 
  
    Operating leases, non-current liabilities 
     423 
  
    Total liabilities sold 
    $3,624 

    Net (gain)/loss on sale of net assets 
    $(3,588)

17. Sale of Assets Held for Sale: MH 02 &
its Subsidiaries

During the second
quarter of 2025, on May 7, 2025, the Company sold AEG MH 02 Limited (“MH02”) and all its subsidiaries to two buyers.
Pursuant to which, the Company entered into a Share Purchase Agreement with its subsidiary, Alternus Europe Limited (the
“Seller”), OBN Real Estate Limited (the “Majority Buyer”) and BVP Green Bond 2018 Limited (the
“Minority Buyer”) (together the “Buyers”) for the sale of the entire issued share capital of AEG MH 02
Limited (“MH02”), including all of MH02’s subsidiaries: AED