Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 265

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 2
Chunk 265
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 a loan agreement
with a group of private lenders of approximately $10.8 million with an initial stated interest rate of 8% and a maturity date of May 31,
2023. In February 2023, the loan agreement was amended stating a new interest rate of 16% retroactive to the date of the first draw in
June 2022. In May 2023, the loan was extended, and the interest rate was revised to 18% from June 1, 2023. In July 2023, the loan agreement
was further extended to October 31, 2023. In November 2023, the loan agreement further extended to May 31, 2024. On December 31, 2024,
the loan agreement was further extended to September 30, 2025 while also stating any accrued interest up to the date of 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 year
period ended December 31, 2024, $5.9 million of accrued interest was added to the existing loan balance. On May 7, 2025, AEG MH02 was
sold, and the note was assumed by the Buyer. See Footnote 16 for more information. The Company had principal outstanding of $16.6 million
and $16.0 million as of March 31, 2025 and December 31, 2024, 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. On March 25,
2025, Alt Spain Holdco was sold, and the note was assumed by the Buyer. See Footnote 15 for more information. This note had a principal
out