UPDATE ON RECENT BUSINESS ACTIVITIES AND SOLIS BOND POSITION

24 Apr 2023 21:22 CEST

International Renewable Independent Power Producer (IPP) Alternus Energy Group
Plc (OSE: ALT) (“Alternus” or the “Company”) today updates on recent business
activities related to its wholly owned subsidiary, Solis Bond Company DAC
(“Solis”), and the temporary waivers of the financial covenants and amendments
approved by the bondholders in Solis’ FRN senior secured EUR 200,000,000 green
bonds 2021/2024 (ISIN NO0010914914), as previously attached to the Company’s
notice filed on 27 March 2023.

In accordance with the written resolutions approved by the bondholders, the
Company has received debt terms relating to the refinancing of at least €50
million of the Solis portfolio. As the term sheets remain subject to certain
conditions precedent, the Company is working to progress these with the
respective parties, to complete prior to May 15th.

The Company has now also commenced the appropriate activities in relation to a
potential equity raise for a minimum amount sufficient to ensure that the
required bond waiver cure is achieved.

Notwithstanding this, the Company continues to explore additional funding
options that is has for the refinancing and/or sale of certain assets from the
bond portfolio to ensure the best returns for both bondholders and shareholders.


About Alternus Energy Group Plc
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 Rotterdam and the United
States. For more information visit www.alternusenergy.com.

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.

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