Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 2641

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 8
Chunk 2641
---
 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.

In October 2023, Alternus
Energy Americas, one of the Company’s US subsidiaries secured a working capital loan in the amount of $3.2 million with a 0% interest
until a specified date and a maturity date of March 31, 2024. In February 2024, the loan was further extended to February 28, 2025, and
the principal amount was increased to $3.6 million as compensation for the extension. The compensation was charged as interest costs in
the Consolidated Statement of Operations and Other Comprehensive Income/(Loss) during the period. Additionally, on February 5, 2024, the
Company issued the noteholder warrants to purchase up to 90,000 shares of restricted common stock, exercisable at $0.01 per share having
a 5-year term and fair value of $86 thousand. In March 2024, The Company repaid $1.8 million in cash against the principal. Subsequently,
on November 5, 2024, the Company sold Alternus Energy Americas to Alternus Energy Group plc, a related party. Refer to Footnote 20 for
further details. Prior to the transaction, Alternus Energy Americas assigned this note to the Company directly. The Company had a principal
outstanding balance of $1.8 million and $3.2 million as of December 31, 2024 and 2023 respectively.

In December 2023, Alt US 07,
one of the Company’s US subsidiaries acquired the project rights to a 14 MWp solar PV project in Alabama for $1.1 million financed
through a bank loan having a six-month term, 24% APY, and a maturity date of May 28, 2024. On July 3, 2024, management renegotiated the
terms with the lender to extend the maturity date to