Alternus Energy completes purchase of 11.75-MW Dutch solar plant

The Zonnepark Rilland solar power plant in the Netherlands. Source: Jolywood (Taizhou) Solar Technology Co. Ltd.

January 2 (Renewables Now) - Renewable energy firm Alternus Energy Inc (OTCMKTS:ALTN) earlier this week said it has completed the acquisition of the owner of a 11.75-MW ground-mounted photovoltaic (PV) array in Rilland, the Netherlands, for EUR 10.5 million (USD 11.6m).

Alternus bought Zonepark Rilland BV from Cooperatie Unisun Energy UA, part of clean energy solutions provider Unisun Energy Group. The solar park, commissioned in January 2019, operates under a 15-year feed-in tariff (FiT) and has in place a power purchase agreement (PPA) with a local energy operator.

Based on current power production, the solar farm is expected to bring Alternus about USD 1.4 million (EUR 1.3m) in annual revenues for at least 15 years.

The company said that the acquisition price includes the assumption of about EUR 7.2 million in third-party senior debt. Alternus issued a EUR-2.15-million bond to a European renewable energy fund, using EUR 1.85 million for the deal. The company also provided a EUR 1.7 million loan to Unisun, due for repayment by the end of the month.

"2020 looks set to be a transformative year for Alternus as we enter the new year with an additional 108 MW currently contracted for acquisition, in addition to the 50 MW already owned, and with over 700 MW of development and operational projects in the pipeline," Alternus CEO Vincent Browne noted.

(EUR 1.0 = USD 1.100)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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