24/7 Market News- Alternus Reduces Debt and Payables by $100 M through Subsidiary Liquidation

October 8, 2024

DENVER, Colo., Oct 08, 2024 (247marketnews.com)- Alternus Clean Energy (NASDAQ: ALCE) reported that it sold Solis Bond Company DAC, an indirect wholly owned subsidiary of the Company, and its subsidiaries in Romania, to Solis Trustee Special Vehicle Limited, the Solis Bondholders’ ownership vehicle, for one Euro (€1.00).

Alternus made the move to reduce the debt and payables related to Solis activities by approximately $100 million and improve shareholders equity by approximately $45 million.

Vincent Browne, Chief Executive Officer of Alternus, commented, “The sale of Solis aligns with our on-going activities to significantly reduce debt and strengthen our balance sheet as we reposition the business from an exclusive focus on utility scale solar to that of a more comprehensive energy provider going forward. Our recent announcement of binding terms to establish a joint venture with Hover Energy to deliver state-of-the-art clean energy microgrids, is the first such example of entering additional exciting high-value complementary segments to our existing utility activities.

“We are also at advanced discussions in acquiring battery storage capabilities and customer base to strengthen both our utility and microgrid businesses and are targeting additional joint ventures and investments in other energy segments that are accretive to the group both operationally and financially in the short and long term and supporting our wider energy provision growth strategy.”

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