Kibo Energy seeks to buy 20-GW renewables pipeline in Europe, Africa
Sep 16, 2024 17:21 CESTIreland-based and solar-focused independent power producer (IPP) Alternus Energy Group Plc (OSE:ALT) has agreed a merger with a blank check company that will give it a US listing on Nasdaq and an initial equity value of about USD 863 million (EUR 889m).
Clean Earth Acquisitions Corp (NASDAQ:CLIN) is a climate technology and energy transition-focused special purpose acquisition company (SPAC). It has signed a deal for a business combination with Alternus in which the latter will transfer its equity ownership in substantially all its subsidiaries in return for up to 90 million newly-issued Clean Earth shares. If successful, the transaction will result in Alternus holding a 64% stake in Clean Earth at closing.
Alternus is a developer, owner and operator of midsized utility-scale solar parks that aims to build a solar portfolio of more than 3.5 GW by the end of 2025. After the proposed merger, it is expected to have USD 220 million of available cash, 168 MW of operational capacity, 649 MW of company-owned in-development projects and 845 MW of contracted acquisitions. In addition, Alternus has exclusive rights to buy a further 800 MW of solar projects, subject to due diligence.
The merger is pending clearance from Clean Earth’s shareholders and approval for listing on Nasdaq. It is also subject to a USD-25-million minimum cash condition.
Completion is scheduled for the first quarter of 2023, at which point Clean Earth will change its name to Alternus Clean Energy Inc. Vincent Browne, the current chairman and CEO of Alternus, will continue to lead the business. Alternus will also keep its listing in Oslo.
(USD 1 = EUR 1.030)
Kibo Energy seeks to buy 20-GW renewables pipeline in Europe, Africa
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