Alternus Energy Group PLC has announced the establishment of Altnua, its development business subsidiary with a focus to become one of the leading specialist renewable asset developers in Europe and the US.
Headquartered in Dublin and with operations across the EU and US, Altnua will develop a pipeline of solar and storage assets totalling 5 gigawatts (GW), and will work with landowners and local developers as well as corporate off-takers to achieve their net zero goals, the company said.
Alternus added that Bill Sadlier, who has an extensive track record in the renewable energy industry, having developed, financed, and delivered over 1GW of renewable capacity in Europe and North America since 2004, will lead the new business as its chief executive officer.
READ: Alternus Energy announces business combination deal with blank check company Clean Earth Acquisitions
“Establishing a specialist development business led by an experienced team is the next logical step for Alternus as we continue in our current growth path,” said Vincent Browne, chairman and group CEO of Alternus, in a statement. “As long-term owners of clean energy projects, we see tremendous value by stepping in earlier in the value chain."
As part of the group, Altnua will take a long-term approach to developing projects on a ‘develop to own’ basis, across a range of technologies using innovative energy solutions, Alternus said.
The central theme of Altnua’s growth strategy is the acquisition of development businesses to scale its portfolios.
"This allows us to reduce our overall capital expenditure and to optimise the long-term design and operation of the projects from inception, including the use of storage and other hybrid solutions,” Browne said.
“This will also provide an assured pipeline of future operational parks to support better planning and use of group resources. I am delighted for Bill to lead this exciting new chapter in our development and welcome him onto the Alternus Executive Management Team,” he added.
Prior to joining Altnua, Sadlier served as the chief financial officer and executive director at BNRG, where he led the business through transformative private equity deals on both sides of the Atlantic.
“Joining Alternus at this pivotal point, when demand for clean energy is greater than ever, will allow Altnua to respond to critical decarbonisation targets and contribute to future growth for the group,” Sadlier said of his appointment.
“I am confident as part of Alternus, Altnua has the right foundation, resources, and expertise to create an industry-leading development business. We have an ambitious vision for this business with a goal of adding over 5GWs of organically-developed operational parks to the Alternus portfolio by the end of the decade,” Sadlier added.
Alternus said a number of executives and professionals are expected to join Altnua in the coming months as Sadlier builds out the team to execute on the ambitious plan.
Headquartered in Ireland and listed on the Euronext Growth Oslo, Alternus develops, installs, owns, and operates mid-sized utility-scale solar parks. The company also has offices in Rotterdam and America. It aims to own and operate over 3.5GW of solar parks by the end of 2025.
On October 12, 2022, Alternus announced the execution of a definitive business combination agreement with Clean Earth Acquisitions Corp, a climate technology and energy transition-focused special purpose acquisition company.
The transaction is expected to close in the first quarter of 2023, at which point the combined company’s common stock is expected to trade on the Nasdaq Market.
Contact the author at jon.hopkins@proactiveinvestors.com