Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 452

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1A
Chunk 452
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.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 October 1, 2024.. On November 5, 2024, the Company sold Alternus Energy Americas
and its subsidiaries, including Alt US 07, to Alternus Energy Group plc, a related party. Refer to Footnote 20 for further details. As
a result of the sale, Alternus Energy Group plc assumed the liability for the loan, as the original guarantor, and the Company had no
further obligation under the loan. The Company had a principal outstanding balance of $0.0 and $1.1 million as of December 31, 2024 and
2023, respectively.

In December 2023, the Company
assumed an existing loan to the Sponsors of Clean Earth with a balance of $1.6 million with a 0% interest rate until perpetuity as part
of the Business Combination with Clean Earth. The Company had a principal outstanding balance of $1.6 million as of December 31, 2023.

F-31

Convertible Promissory Notes:

For the year ended December
31, 2023, 9,000 shares of Common Stock were issued at Closing to the Sponsor of Clean Earth to settle promissory notes of $1.6 million.
The note has a 0% interest rate until perpetuity. The shares were issued at the closing price of $125 per share for $1.1 million. The
difference of $0.5 million was recognized as an addition to Additional Paid in Capital. Management determined the extinguishment of this
note is the result of a Troubled Debt Restructuring. 

In January 2024, the Company
assumed a convertible promissory note in the amount of €850 thousand ($938 thousand) with a 10% interest maturing in March 2025 as
part of the Business Combination that was completed in December 2023. On January 3,