Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 878

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1C
Chunk 878
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EG transferred to Clean Earth, and Clean Earth received from AEG, all of the issued and
outstanding equity interests in the Acquired Subsidiaries (as defined in the Business Combination Agreement) (the “Equity Exchange,”
and together with the other transactions contemplated by the Business Combination Agreement, the “Business Combination”).
In connection with the Closing, the Company changed its name from Clean Earth Acquisition Corp. to Alternus Clean Energy, Inc.

Clean Earth’s (SPAC)
only precombination assets were cash and investments and the SPAC did not meet the definition of a business in accordance with US GAAP.
Therefore, the substance of the transaction was a recapitalization of the target (AEG) rather than a business combination or an asset
acquisition. In such a situation, the transaction is accounted for as though the target issued its equity for the net assets of the SPAC
and, since a business combination has not occurred, no goodwill or intangible assets would be recorded. As such, AEG is considered the
accounting acquirer and these consolidated financial statements represent a continuation of AEG’s financial statements. Assets and
liabilities of AEG are presented at their historical carrying values.

Alternus Clean Energy Inc.
is a holding company that operates through the following twenty-six operating subsidiaries as of December 31, 2024:

  Subsidiary   Principal 
Activity   Date Acquired / 
Established   ALCE Ownership   Country of
Operations  PC-Italia-01 S.r.l.   Sub-Holding SPV   15 May 2015   AEG MH 02 Limited   Italy  PC-Italia-03 S.r.l.   SPV   1 July 2020   AEG MH 02 Limited   Italy  PC-Italia-04 S.r.l.   SPV   15 July 2020   AEG MH 02 Limited   Italy  Risorse Solari I S.r.l.   SPV   28 September 2019   AEG MH 02 Limited   Italy  Risorse Solari III S.r.l.   SPV   3 August 2021   AEG MH 02 Limited   Italy  Alternus Iberia S.L.   SPV   4 August 2021   AEG MH 02 Limited   Spain  AED Italia-01 S.r.l.   SPV   22 October 2021   AEG MH 02 Limited   Italy