January 21 (Renewables Now) - Renewable energy firm Alternus Energy Inc (OTCMKTS:ALTN) last week announced the completion of the acquisition of 2.24 MW of feed-in tariff-backed solar power plants in Italy from Liquid Sun Srl.
Through subsidiary PC_Italia_02 Srl, Alernus paid EUR 3.65 million (USD 4.2m) for the assets, agreements and liabilities related to the ownership and operation of the three solar photovoltaic (PV) parks in the Budrio and Anagni regions of Italy. These have been producing power for almost five years, selling it under 20-year feed-in tariff (FiT) contracts. The annual revenues from the plants are of about EUR 0.6 million.
The acquisition, first announced in late 2017, has been financed through the issuance of a EUR-3.85-million loan note to an unnamed third party investor. The note bears an interest of 12% per year and has a term of six months. Alternus is negotiating project finance for the solar assets with “a leading bank in Italy”, which, if extended, will replace the note.
“We plan continued growth in the European market, organically as well as through strategic acquisitions of alternative energy assets and technology,” said company head Vincent Browne.
(EUR 1 = USD 1.14)