August 1 (Renewables Now) - Renewable energy firm Alternus Energy Inc (OTCMKTS:ALTN) intends to buy the owner of an 11.75-MW solar park in the Netherlands for USD 11.76 million (EUR 10.6m).
The company announced on Wednesday that the acquisition price for Zonepark Rilland BV includes the assumption of a USD-8.1-million third-party senior debt. Additionally, the new owner will pay up to USD 560,000 in cash in the form of earn-out based on net proceeds from the plant when its annual power output exceeds 10,865 MWh.
The seller of the photovoltaic (PV) farm in Rilland is clean energy solutions provider Unisun Energy Group, the latter said separately. According to its estimates, the output of the plant will be enough to meet the power needs of over 2,500 homes. Commissioned in January 2019, the PV park operates under a 15-year feed-in-tariff (FiT) contract and has in place a power purchase agreement (PPA) with a local energy operator. As a result, the asset will start bringing revenue to Alternus immediately after the acquisition’s closing.
The buyer calculates it will get around USD 1.4 million in annual revenues from the plant for at least 15 years.
“This transaction marks our successful expansion into the Netherlands, the fourth European country we will have energy generation operations in,” said Vincent Browne, Alternus’ CEO, president and chairman.
(USD 1.0 = EUR 0.905)