Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 285

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 285
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 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 $ 3.6million. In March 2024, the Company began accruing interest at a rate of 10%. Additionally, on February 5, 2024, the Company issued the noteholder warrants to purchase up to 90,000shares of restricted common stock, exercisable at $ 0.01per share having a 5year term and fair value of $ 86thousand. The note had a principal outstanding balance of $ 1.8million as of September 30, 2024 and $ 3.2million as of December 31, 2023. 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 $ 1.1million financed through a bank loan having a six-month term, 24% APY, and a maturity date of May 28, 2024. The project is expected to start operating in Q2 2025. 100% of offtake is already secured by 30-year power purchase agreements with two regional utilities. This note had a principal outstanding balance of $ 1.1million as of September 30, 2024 and December 31, 2023, respectively. On July 3, 2024, management renegotiated the terms with the lender to extend the maturity date to October 1, 2024. As of the date of this report, this loan is in default; however, management is in active discussions with the lender to renegotiate the terms. Subsequently, the Company sold Alt US 07 to Alternus Energy Group plc, the Company’s majority shareholder, on November 5, 2024. See Subsequent Events Footnote 23 for further details. For the year ended December 31, 2023, 9,000shares of Common Stock were issued at Closing to the Sponsor of Clean Earth to settle CLIN promissory notes of $ 1.6million. The note has a 0% interest rate until perpetuity. The shares were issued at the closing price of $ 125per share for $ 1.1million. The difference of $ 0.5million was recognized as an addition to Additional Paid in Capital. Management