Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 2664

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 8
Chunk 2664
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(11,882)

    Income from discontinued operations 
     53,876  
     4,726 

    Other income/(expense): 

    Interest expense 
     (8,924) 
     (12,927)
  
    Solis bond waiver fee 
     -  
     (11,232)
  
    Other expense 
     (221) 
     (1,605)
  
    Total other expenses 
    $(9,145) 
    $(25,764)
  
    Income/(Loss) before provision for income taxes 
    $44,731  
    $(21,038)
  
    Income taxes 
     (87) 
     - 
  
    Net income/(loss) from discontinued operations 
    $44,644  
    $(21,038)

    20.
    Deconsolidation of Entities Transferred to Parent Company

On November 5, 2024, the Company
sold 100% of its equity ownership in its wholly owned subsidiaries Alternus Energy Americas, Inc. (a Delaware corporation) and Alternus
Lux 01 S.a.r.l (a Company organized under the laws of Luxembourg) to AEG (the Company’s parent company) each for a sale price of
€10 (collectively $21). After the sales, no assets, liabilities, or operations of these subsidiary entities were retained by the
Company. Because these subsidiary sale transactions were between entities under common control, the transfer of their net liabilities
to AEG was accounted for at their carrying amounts, as an equity transaction, resulting in an equity contribution from the parent company
of approximately $12.3 million.

The major classes of assets
and liabilities transferred on November 5, 2024 in the sale of the Company’s subsidiaries are shown below:

    As of November 5 
  
    Entities Transferred to AEG 
    2024 

    (in thousands) 

    Assets: 

    Cash & cash equivalents 
    $13 
  
    Accounts receivable, net 
     31 
  
    Other current assets 
     969 
  
    Property, plant, equipment, net 
     16,742 
  
    Operating leases, non-current assets 
     619 
  
    Other non-current assets 
     2,712 
  
    Total assets transferred to AEG 
    $21,086 

    Liabilities: 

    Due to affiliates