Alternus Energy announces execution of project financing facility up to EUR 500 million led by Deutsche Bank

23 Dec 2022 16:25 CET

Dublin, 22 December 2022 International Clean Energy Producer, Alternus Energy
Group Plc (OSE: ALT) today announces completion of financing agreements with
Deutsche Bank. The facility will provide the Company with up to EUR 500 million,
with an initial underwritten commitment of EUR 80 million, to fund the
acquisition of solar PV assets throughout Europe.

The debt facility will provide non-recourse project finance and incorporates
both senior and mezzanine tranches, except for certain fees relating to the
facility. The capital will be used to fund the acquisition of operating and
in-construction projects. It will also support the closure of current contracted
acquisitions, finance construction of up to 600 MW of the development pipeline
on a revolving basis in order to support the Company’s planned growth to 2025.
The bank also acts as lead arranger in any syndication of the remaining facility
as and when projects are submitted for approval.

Alternus anticipates expanding its current annual recurring revenues of
approximately EUR 30 million to more than EUR 200 million by the end of 2025.
Alternus Energy’s operational portfolio of solar assets, located across five
European countries, provides attractive long term recurring cash flow generation
with approximately EUR 400 million lifetime revenues remaining of which circa
EUR 172 million is contracted.

Commenting on the facility, Vincent Browne Group CEO, said:
“The successful agreement of this facility, amidst particularly turbulent times
in the capital markets, can be attributed to the hard work of our team alongside
our funding partner Deutsche Bank. This facility will support development
projects and provide construction finance across multiple European
jurisdictions. Securing this facility will allow us to accelerate our growth
initiatives over the next few years. Deutsche Bank is an ideal partner as they
share our vision of combatting climate change through the delivery of clean
energy assets while maximising stakeholder benefits in the process.”

Further detail on the contract is attached to Alternus’ OSE filing at
https://live.euronext.com/en/listview/company-press-release/252623 and is
available to view on the Alternus Energy website here
https://alternusenergy.com/reports-presentations/ under Stock Exchange Notices.

About Alternus Energy
Alternus Energy Group Plc is an international vertically integrated independent
power producer (IPP). Headquartered in Ireland, and listed on the Euronext
Growth Oslo, the Company develops, installs, owns and operates midsized utility
scale solar parks. The Company also has offices in The Netherlands and the
United States. Alternus Energy aims to own and operate over 3.5 gigawatts of
solar parks by the end of 2025. For more information visit
www.alternusenergy.com.

On 12 October 2022, Alternus announced the execution of a definitive business
combination agreement with Clean Earth Acquisitions Corp. (NASDAQ: CLIN), a
climate technology and energy transition-focused special purpose acquisition
company. The transaction is expected to close in the first half of 2023, at
which point the combined company’s common stock is expected to trade on the
Nasdaq Market.

Forward-Looking Statements: Certain information contained in this letter,
including any information on the Company’s plans or future financial or
operating performance and other statements that express the Company’s
management’s expectations or estimates of future performance, constitute
forward-looking statements. When used in this press release, words such as
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,”
“would” and similar expressions, as they relate to us or our management team,
identify forward-looking statements. Such forward-looking statements are based
on the beliefs of management, as well as assumptions made by, and information
currently available to, the Company’s management. Such statements are based on a
number of estimates and assumptions that are subject to significant business,
economic and competitive uncertainties, many of which are beyond the control of
the Company. The Company cautions that such forward-looking statements involve
known and unknown risks and other factors that may cause the actual financial
results, performance or achievements of the Company could differ materially from
the Company’s estimated future results, performance or achievements expressed or
implied by the forward-looking statements. The Company undertakes no obligation
to update these statements for revisions or changes after the date of this
release, except as required by law.

Alternus Energy Investor Contact:
ir@alternusenergy.com
Tel: +1-913-815-1557

More information:
Access the news on Oslo Bors NewsWeb site

579166_DB Notice 12-21-22 DB FIN.pdf