Company: ALCE
Filing Date: 2025-06-06
Form Type: 10-K
Source: 0001213900-25-052242
Chunk: 1371

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-06
Form: 10-K
Item: Item 3
Chunk 1371
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 prime plus 2.25% and an original maturity date of June 29, 2023. On January
26, 2024, the loan was extended to June 29, 2024 due to logistical issues that caused construction delays. On October 11, 2024, management
renegotiated the terms with the lender to extend the maturity date to March 29, 2025. On November 5, 2024, the Company sold Alternus Energy
Americas and its subsidiaries to Alternus Energy Group plc, a related party. Refer to Footnote 20 for further details. The Company had
principal outstanding of $0.0 million and $4.3 million as of November 5, 2024 and December 31, 2023, respectively.

F-30

On February 28, 2023, Alt
US 03, a subsidiary of Alternus Energy Americas, and indirect wholly owned subsidiary of the Company, entered into an agreement as part
of the transaction to acquire rights to develop a solar park in Tennessee. Alt US 03 entered into a construction promissory note of $920
thousand with a variable interest rate of prime plus 2.25% and due May 31, 2024. On July 2, 2024, management renegotiated the terms with
the lender to a revised interest rate of 11% and extended the maturity date to November 30, 2024. On November 5, 2024, the Company sold
Alternus Energy Americas and its subsidiaries, including Alt US 03, 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 note. This note had a principal outstanding balance of $0 thousand and $717 thousand
as of December 31, 2024 and 2023, respectively.

In July 2023, one of the Company’s
US subsidiaries acquired a 32 MWp solar PV project in Tennessee for $2.4 million financed through a bank loan having a six-month term,
24% APY, and an extended maturity date of February 29, 2024. On July 3, 2024, management renegotiated the terms with the lender to extend
the maturity date to October 1, 2024