Company: ALCE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001213900-25-105077
Chunk: 182

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 182
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 & Netherlands

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 six PV parks in Poland and one 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 $59.4 million for all operating assets. In accordance with ASC 360, the company
removed the disposal group and recognized a gain of $3.4 million upon the sale, of which $0.8 million were costs associated with the sale.

22

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

    Three Months Ended  
    Six Months Ended 
  
    Poland 
    June 30, 2024 

    (in thousands) 

    Revenues 
    $        -  
    $106 

    Operating Expenses 

    Cost of revenues 
     -  
     (101)
  
    Depreciation, amortization, and accretion 
     -  
     (123)
  
    Gain on disposal of asset 
     -  
     3,484 
  
    Total operating expenses 
     -  
     3,260 

    Income/(loss) from discontinued operations 
     -  
     3,366 

    Other income/(expense): 

    Interest expense 
     -  
     (688)
  
    Other expense 
     -  
     - 
  
    Total other expenses 
    $-  
    $(688)
  
    Income/(Loss) before provision for income taxes 
    $-  
    $2,678 
  
    Net income/(loss) from