Alternus Energy Group set to up-list to the Euronext Growth Oslo stock exchange following €7 million private placement

Alternus Energy Group Plc (OSE:ALT) has announced its up-listing to the Euronext Growth Oslo stock exchange with trading set to commence on June 30, 2021.

Ahead of the up-listing, the European independent power producer (IPP) completed a private placement of 2.5 million new shares at a price of approximately €2.8 (NOK 28) per share on June 24, raising €7 million. The private placement increased the total amount of shares in the company to just over 26 million, resulting in a market capitalization of approximately €73 million.

READ: Alternus Energy buys 60% stake in Netherlands-based clean energy group Unisun Energy Holding B.V

“We will use the funds from the private placement to continue executing on our current 1.4 GWp contracted backlog of projects,” chairman and CEO Vincent Browne said in a statement.

“Trading on the Euronext Growth Oslo stock exchange will provide us with a stable and strong platform to enable the company to execute on our growth strategy and vision of owning and operating 3.5 GWs and becoming one of the leading European IPPs by 2025.”

Alternus Energy has grown in four years from being a small Romania-based operator of two solar parks with 6 MWp to becoming a pan-European independent power producer with 25 solar photovoltaic (PV) parks and a total installed capacity of 30.5 MWp in four countries.

It aims to own and operate over 2 GWs of solar parks by the end of 2025 and to become one of the largest pan-European IPPs by the end of the decade.

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