Alternus scraps deal for 80-MWp solar project purchase in US

US solar developer, installer and power producer Alternus Clean Energy Inc (NASDAQ:ALCE) will not proceed with a proposed deal involving the acquisition of a 80-MWp portfolio of solar parks across eight US states.

The company said on Thursday it has cancelled its membership interest purchase and sales agreement (MIPSA) for the assets as the vendor, C2 Taiyo Fund I LLC, was unable to meet certain closing conditions and “fundamental” changes in the portfolio.

"It is unfortunate that we cannot continue with this transaction as planned. However, this is just one of many identified strategic acquisitions and business growth areas underway for Alternus [..],” said CEO Vincent Browne.

In May, Alternus signed definitive agreements to buy the portfolio for roughly USD 60 million (EUR 53.7m) and assume existing debt. The contracts concerned 33 assets with long-term power off-take contracts in place.

Alternus Energy aims to reach 3 GW of operating capacity within five years through organic developments and acquisitions. “We remain fully committed to the renewable energy market in the US, whether via the acquisition of operating or ready-to-build projects and look forward to sharing these as soon as we can,” its CEO added.

(USD 1.0 = EUR 0.896)

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