Elawan bags Google PPA for 37-MW solar project in Texas
Sep 19, 2024 13:49 CESTAlternus Clean Energy Inc (NASDAQ:ALCE) has raised USD 2.2 million (EUR 2.1m) in a private offering of convertible notes and warrants with an unspecified institutional investor, the US solar developer and installer said on Monday.
Funds from the transaction will be allocated to support Alternus’ business plan, cover planned capital expenditures and working capital needs.
The notes mature in 12 months and will be convertible into shares of common stock of the company. The initial conversion price has been set at USD 0.48 per share, equal to 125% of the average closing price over the seven trading days before the offering closed. The notes will be fully repayable in cash upon maturity if not fully converted, with the investor having the option of prepayment of up to 20% of the issuance amount of a subsequent financing.
Under the deal, the unnamed investor has also secured a five and a half year warrant to purchase a total of 2.41 million of Alternus’ common stock at the same price.
Alternus Energy seeks to reach 3 GW of operating assets within five years, through organic development and strategic opportunities. Its website shows its current operational portfolio consists of 44 MWp, while 3.1 GWp of projects are in its development pipeline.
(USD 1.0 = EUR 0.937)
Elawan bags Google PPA for 37-MW solar project in Texas
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