Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 194

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 8
Chunk 194
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 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
outstanding balance of $0.0 million and $2.7 million as of March 31, 2025 and December 31, 2024, respectively.

46

In January 2024, the Company assumed a $938 thousand
(€850 thousand) convertible promissory note with a 10% interest maturing in March 2025 as part of the Business Combination that was
completed in December 2023. On January 3, 2024, the noteholder converted all of the principal and accrued interest owed under the note,
equal to $1.0 million, into 52,800 shares of restricted common stock.

On March 21, 2024, ALCE, SPAC Sponsor Capital
Access (“SCAF”), and the Sponsor of Clean Earth (“CLIN”) agreed to a settlement of a $1.4 million note assumed
by ALCE as part of the Business Combination that was completed in December 2023. The note had a maturity date of whenever CLIN closes
its Business Combination Agreement and accrued interest of 25%. ALCE issued 9,000 shares to SCAF on March 21, 2024 and a payment plan
of the rest of the outstanding balance was agreed to with payments to