Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 924

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 1C
Chunk 924
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 and the maturity date of the Solis Bonds until January 31, 2024,
with the right to further extend to February 29, 2024 at the Solis Bond trustee’s discretion, which was subsequently approved by
a majority of the bondholders on January 3, 2024.

On December 28, 2023, Solis
sold 100% of the share capital in its Italian subsidiaries for approximately €15.8 million (approximately $17.3 million).

On January 18, 2024, Solis
sold 100% of the share capital in its Polish subsidiaries for approximately €54.4 million (approximately $59.1 million), and on February
21, 2024, Solis sold 100% of the share capital of its Netherlands subsidiary for approximately €6.5 million (approximately $7 million).
The proceeds from the sale of these parks were used to pay the €59,100,000 million (approximately $68.5 million) of amounts outstanding
under the bonds.

For the year ended December
31, 2023, management determined the amendments for the Bond represented a troubled debt restructuring under ASC 470-60. The result of
the amendments noted above was an $11.2 million expense recorded as Solis Bond Waiver Fee under Discontinued Operations on the Consolidated
Statement of Operations and Comprehensive Income/(Loss).

On October 3, 2024, because
Solis was unable to fully repay the Solis Bonds, the Company sold Solis and its subsidiaries in Romania to Solis Trustee Special Vehicle
Limited, the Solis Bondholders’ ownership vehicle, for €1 in accordance with the terms of the Solis Bonds, as amended. As a
result of the sale, the Company eliminated approximately $115 million in debt and payables related to Solis activities and improved shareholders
equity by approximately $59 million. Solis accounted for 98% of group revenues for the nine months ended September 30, 2024. Solis bondholders
continue to hold a preference share in an Alternus holding company which holds certain development projects in Spain and Italy. The preference
share gives the bondholders the right on any distributions up to €10 million, and such assets will be divested to ensure repayment
of up to €10 million should it not be fully repaid.  

F-35

On March 21, 2024, ALCE, SPAC
Sponsor Capital Access (“