Company: ALCE
Filing Date: 2025-01-27
Form Type: S-1
Source: 0001213900-25-007054
Chunk: 251

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-01-27
Form: S-1
Chunk 251
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68.5million) of amounts outstanding under the bonds(See Footnote 26). 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 $ 11.1million expense recorded as Solis Bond Waiver Fee on the Consolidated Statement of Operations and Comprehensive Income/(Loss). On December 21, 2022, Alternus Clean Energy’s wholly owned Irish subsidiaries, AEG JD 01 LTD and AEG MH 03 LTD entered in a financing facility with Deutsche Bank AG (“Lender”). This is a committed revolving debt financing of € 80,000,000 to finance eligible project costs for the acquisition, construction, and operation of installation/ready to build solar PV plants across Europe, including the capacity for the financing to be upsized via a € 420,000,000 uncommitted accordion facility to finance a pipeline of further projects across Europe with a total combined capacity of 600 MWp (the “Warehouse Facility”). The Warehouse Facility, which matures on the third anniversary of the closing date of the Credit Agreement (the “Maturity Date”), bears interest at Euribor plus an aggregate margin at a market rate for such facilities, which steps down by 0.5% once the underlying non-Euro costs financed reduces below 33.33% of the overall costs financed. The Warehouse Facility is not currently drawn upon, but a total of approximately € 1,800,000in arrangement and commitment fees is currently owed to the Lender. Once drawn, the Warehouse Facility capitalizes interest payments until projects reach their commercial operations dates through to the Maturity Date; it also provides for mandatory prepayments in certain situations. F-30

| 16. | Leases |

The Company determines if an
arrangement is a lease or contains a lease at inception, or acquisition when the Company acquires a new park. The Company has operating
leases for corporate offices and land with remaining lease terms of to years.

Operating lease assets and
operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement
date. As most of the Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based
on information available at the commencement date in determining the present value of future payments. Lease expense related to the net
present value of payments is recognized on a straight-line basis over the lease term.

|                                                              |     | December 31, |