Company: ALCE
Filing Date: 2025-06-30
Form Type: 10-Q
Source: 0001213900-25-059349
Chunk: 138

Company: Alternus Clean Energy, Inc.
Filing Date: 2025-06-30
Form: 10-Q
Item: Part I, Item 8
Chunk 138
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 an initial stated interest rate of 8% and a
maturity date of May 31, 2023. In February 2023, the loan agreement was amended stating a new interest rate of 16% retroactive to the
date of the first draw in June 2022. In May 2023, the loan was extended, and the interest rate was revised to 18% from June 1, 2023. In
July 2023, the loan agreement was further extended to October 31, 2023. In November 2023, the loan agreement further extended to May 31,
2024. On December 31, 2024, the loan agreement was further extended to September 30, 2025 while also stating any accrued interest up to
the date of the amendment was to be added to the principal loan balance. As a result of these amendments, $3.2 million of interest was
recognized during the year period ended December 31, 2024, $5.9 million of accrued interest was added to the existing loan balance. On
May 7, 2025, AEG MH02 was sold and 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 $2.7 million and $2.7 million as of March 25,