Alternus Clean Energy Inc (NASDAQ:ALCE, OTC:ACLEW) CEO Vincent Browne joined Proactive and shared insights into the company’s recent achievements and its vision for the new year.
He highlighted recent news about achieving full permitting for the first of 11 solar projects in Italy, a key focus market for Alternus since 2017. Browne said construction for the 18MW project is set to begin in mid-2025, with plans to power the Italian grid within 18 months.
Proactive: Hello, you're watching Proactive. I'm joined by Alternus Clean Energy Inc CEO Vincent Browne. Vincent, very good to speak with you. You were out with news recently that you've received full permitting for the first of your 11 Italian solar projects. Before we get into that, for viewers not familiar with the company, tell us a little bit about Alternus Clean Energy.
Vincent Browne: Yes, and thanks for having me on. Nice to be with you. Alternus Clean Energy is seven or eight years into solar, primarily in the utility solar space. Over that time, we’ve been very successful in building a large portfolio in Europe. Up to about 2022/2023, we moved into the U.S. market to take advantage of the Inflation Reduction Act, President Biden’s climate bill. This has been a huge benefit to companies like ours, where you need less equity due to the incentives provided.
In Europe, we grew significantly, starting with two projects in Romania and ending up with 168MW across 45 projects. But with interest rates rising, we decided to divest heavily indebted assets and focus on earlier-stage portfolios. Italy has been a big market for us since 2017. We’ve worked with local partners there to handle all the permitting and grid connections needed for solar park construction.
How does your expansion in Italy complement your portfolio of renewable energy assets?
Italy is key for us. We’ve built up a strong equity base by focusing on early-stage projects. We hope to double our Italian portfolio to reach a 500MW target within the next two to three years. Meanwhile, we’ve also been expanding in the US, where we’ve entered into a joint venture with Hover, a wind turbine company. We’re also working on a microgrid unit in the U.S., UK, and Ireland, and we acquired a battery storage team recently to combine with this venture.
The Italian projects are a strategic component of our business. These projects will generate $25 million annually for 30 years, and some could yield $50-60 million in equity value if sold.
What else does 2025 hold in store for Alternus?
It’s a growing year for us. After two years of retrenching and rebalancing our balance sheet, we’re now positioned well. We’ve reduced debt and brought shareholder equity back into positive territory. This year, we’re focused on growth, particularly in the microgrid space, advancing our Italian projects, and working on new technologies in their early stages.
Quotes have been lightly edited for clarity and style