Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1768

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 5
Chunk 1768
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 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 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.

For the year ended December 31, 2023, 9,000 shares
of Common Stock were issued at Closing to the Sponsor of Clean Earth to settle CLIN promissory notes of $1.6 million. The note has a 0%
interest rate until perpetuity. The shares were issued at the closing price of $125 per share for $1.1 million. The difference of $0.5
million was recognized as an addition to Additional Paid in Capital. Management determined the extinguishment of this note is the result
of a Troubled Debt Restructuring. 

In January 2024, the Company assumed a $938 thousand
(€850 thousand) convertible promissory note with a 10% interest maturing in March 2025 as part of the Business Combination that was
completed in December 2023. On January 3, 2024, the noteholder converted all of the principal and accrued interest owed under the note,
equal to $1.0 million, into 52,800 shares of restricted common stock.

On March 21