Alternus Energy Group PLC said it has completed the acquisition of 11 megawatts (MW) of operational Polish solar parks as part of a 24MW contract, which was fully funded by a €10 million bond issue completed in March, 2022.
The vertically integrated independent power producer said it partnered with an experienced local developer for the development and installation of the assets which reached commercial operation date (COD) in the first quarter of 2022.
All projects, 1MW in size and located across the country, are supported by 15-year government offtake agreements. The solar parks will continue to operate after the contracted period ends, securing the prevailing energy rates, the company added.
READ: Alternus Energy energises 13.6-megawatt solar park at Rotterdam Airport, increasing total operating assets by 10%
“Following the completion of this 24MW contract, our operational Polish portfolio now totals 88.6MW,” chairman and CEO Vincent Browne said in a statement. “Our contracted pipeline exceeds 350MW, 150MW of which has been secured with the same development partner underpinning our commitment to long term development partnerships. We look forward to continuing this successful collaboration and contributing to Poland’s decarbonisation efforts.”
Alternus Energy said the latest acquisition completes the agreement between Alternus and the developer for a total contracted pipeline of 24MW after the first 13MW was acquired in December 2021. It said it will carry out asset management and the group’s O&M arm, Uper Energy BV, will be responsible for operations and maintenance of the assets.
“These projects with long-term government contracts in place will provide a secure predictable revenue stream for their 30+ year expected life further strengthening our Polish portfolio,” Alternus Energy chief financial officer Joseph Duey added. “We were particularly pleased to have completed the €10 million bond issuance under challenging market conditions.”
Alternus Energy is an international vertically integrated independent power producer (IPP). Headquartered in Ireland, and listed on the Euronext Growth Oslo, the company develops, installs, owns, and operates mid-sized utility-scale solar parks. With offices in Rotterdam and the United States, it aims to own and operate over 3.5 gigawatts of solar parks by the end of 2025.
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