Alternus Energy completes acquisition of three solar parks in Italy from Liquid Sun Srl
Alternus Energy Inc (OTCMKTS:ALTN) said Tuesday that it has completed the acquisition of three Italian solar photovoltaic parks from Liquid Sun Srl.
The New York-based renewable energy company said in a press release that under the deal announced in late 2017, its subsidiary PC Italia 02 Srl paid €3.65 million ($4.25 million) for assets, agreements and liabilities related to the ownership and operation of the three power plants. They represent a total of 2.24 megawatts of installed power in the Budrio and Anagni regions of Italy.
READ: Alternus Energy powers up its portfolio, scouting out solar parks across Europe
The solar parks, according to Alternus, have been operating for almost five years and add about €600,000 ($700,000) in annual revenue to the company, with operating margins of more than 85%.
The parks benefit from feed-in-tariff government incentives that guarantee a fixed sales price for every megawatt of energy that the parks generate over 20 years from the date of construction, Alternus said.
The company has a backlog of about €9.5 million ($11 million) of contracted revenue over the next 15 years.
“It is personally very pleasing to finally complete this acquisition that we announced in late 2017,” Vincent Browne, CEO, president and chairman of Alternus, said in a statement. “It emphasizes our continued commitment and growth in the Italian market going forward with additional strategic acquisitions in the pipeline there.”
To fund the acquisition and related costs, Alternus said it issued a loan note in the aggregate principal amount of €3.8 million with annual interest at 12% per annum and having a six-month term.
The company added that it is in negotiation with an Italian bank to provide project financing for the solar parks. If completed, the financing will replace the note with more suitable long-term financing, according to Alternus.
Shares slipped US$0.03 to US$0.11 in Monday’s OTC Markets trading.
Contact Dennis Fitzgerald at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/212611/alternus-energy-completes-acquisition-of-three-solar-parks-in-italy-from-liquid-sun-srl-212611.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).