Alternus Energy Group Plc Announces Completion of Management Buy-Out of Altnua Limited

24 May 2024 15:27 CEST

Dublin, Ireland 24th of May 2024- Alternus Energy Group Plc (AEG), a leading
vertically integrated utility-scale independent power producer, is pleased to
announce the successful completion of a management buy-out (MBO) of Altnua
Limited, transferring ownership to Mr. Bill Sadlier, the company's CEO. This
strategic move, marks a significant milestone in the evolution of both AEG and
Altnua, fostering an environment where Altnua can thrive independently and
continue its mission under the leadership of Mr. Sadlier. As part of the MBO
process, Altnua will rebrand to Circal.

Since taking the helm of Altnua in May 2022, Mr. Sadlier has been instrumental
in steering the company towards a clear goal for development. His leadership saw
the assembly of a team of dedicated professionals committed to propelling the
business forward. Mr. Sadlier’s company Yolandur Limited has acquired Altnua in
its entirety, including team members who work exclusively with Altnua and wished
to transfer to Circal.

The decision for the MBO was born out of a shared vision between Mr. Sadlier and
the board of directors at AEG. It became increasingly clear that for Altnua to
fully realise its potential and to pursue its ambitious business plans without
limitations, it would be best positioned as an independent entity. This
strategic realignment is supported by AEG and its board, who believe in the
importance of fostering the right conditions for Circal’s approach to renewable
energy development.

Vincent Browne, CEO and Chairman for Alternus Energy noted that "Bill’s vision,
dedication, and ability to galvanise a team towards achieving remarkable
outcomes have laid a solid foundation for Circal’s future. This MBO is a
testament to our belief in Bill's vision and the company’s potential. We look
forward to seeing the team flourish independently in the energy sector under
Bill's stewardship. Alternus is committed to being a longtime partner of
Circal."

Mr. Sadlier expressed his gratitude for the support from AEG and its board,
stating, "This is a pivotal moment for Circal. With the backing of AEG, we've
been able to position ourselves at the forefront of the industry. As we embark
on this new chapter as an independent company, our commitment to innovation,
sustainability, and excellence remains unwavering. I am incredibly proud of what
our team has achieved and am excited about the future possibilities that lie
ahead."

The transition to independence marks the beginning of a new era for Circal,
poised for growth and innovation in the renewable energy landscape. With a clear
vision and strong leadership, Circal is set to tackle the challenges of the
future, driving positive change in the energy sector.



For further information, please contact:

Alternus Clean Energy Media Contact:
James McCusker
The Canaan Parish Group
203-585-4750
jmccusker@canaanparishgroup.com

Alternus Clean Energy Investor Relations Contact:
Gary Dvorchak
Blueshirt Group

About Alternus Energy Group Plc (AEG)
Alternus is a utility-scale transatlantic clean energy independent power
producer (IPP). Headquartered in Ireland, we develop, install, own and operate
utility-scale solar parks in America and Europe. Our highly motivated and
dynamic team at Alternus have achieved rapid growth in recent years. Building on
this, our goal is to reach 3GW’s of operational projects within 5 years through
continued organic development activities and targeted strategic opportunities.

About Altnua Limited
Altnua specialises in site discovery and development of solar and storage
projects. They find the most promising sites, progress them to ready-to-build
status, and oversee construction. Their success is built on our long-term
relationships with landowners, developers, and power off-takers.

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