Affiliate Alternus Clean Energy Inc. and Acadia Energy Announce JV to Develop 200 MW of Microgrid Projects in New York State

Utility-scale transatlantic clean energy independent power producer Alternus
Energy Group Plc (OSE: ALT) today announces that its majority owned subsidiary,
Alternus Clean Energy, Inc. (NASDAQ: ALCE) ("ALCE" or the "Company") has issued
a press release announcing a joint venture with Acadia Energy ("Acadeia"), a
pioneering microgrid and renewable energy developer, to develop 200 MW of
Microgrid Projects in New York State.  This is a landmark joint venture to
co-develop 200 megawatts (MW) of Sustainabilty HubTM microgrid projects in New
York State. The partnership brings together Alternus' deep expertise in
renewable energy development and operations with Acadia's established track
record and pipeline of projects in the region.

"We are thrilled to partner with Acadia Energy on this exciting initiative to
develop and operate 200 MW of microgrids in New York," said Vincent Browne, CEO
of Alternus. "Acadia's impressive pipeline of renewable, utility-scale energy
projects is precisely the type of asset portfolio we are targeting as we expand
our footprint in the U.S. market. Their deep roots in the region and proven
track record make them an ideal partner as we work to accelerate the transition
to clean energy and support local economic growth."

The joint venture will focus on developing and operating a portfolio of
microgrid projects over the next 2-3 years. The Acadia microgrids are scalable
projects combining renewable energy and storage, offering green, resilient power
to support local economic growth and sustainability in line with IRA and CLCPA
goals.  The projects will provide clean, reliable, and affordable energy to
local communities and businesses in New York State, supporting economic
development and job creation. For  more information and details on how these
microgrids will significantly contribute to addressing upstate New York's power
needs please view this video: Acadia Energy Overview. 

John Bay, CEO of Acadia, expressed enthusiasm about the partnership, "Joining
forces with Alternus Clean Energy enables us to amplify our impact and
accelerate the deployment of cutting-edge microgrid technology across update New
York. Our shared vision for a sustainable future and Acadia's extensive
experience in developing a pipeline of over 1.2 gigawatts of projects provides a
solid foundation for this initiative."

Under the terms of the joint venture, Alternus will hold a 51% majority
ownership stake in the projects, while Acadia will lead the development efforts
with oversight from Alternus. The two companies will share the project costs and
equity requirements equally, with each party contributing 50% of the necessary
financing. 

Acadia has an existing potential project pipeline of over 1.5 - 2.0 gigawatts of
renewable energy projects in New York with an average size of 20 - 50 MW per
project, and is currently in discussions with various regulatory agencies
regarding microgrid implementation. 

The projects in the joint venture are expected to begin achieving commercial
operations within 2 years. This initiative not only signifies a leap towards
meeting New York's ambitious clean energy targets but also embodies a model for
community-centric energy development, ensuring local communities benefit
directly from these projects.

About Alternus Clean Energy

Alternus is a transatlantic clean energy independent power producer.
Headquartered in the United States, we currently develop, install, own, and
operate utility-scale solar parks in the North America and Europe. Our highly
motivated and dynamic team at Alternus have achieved rapid growth in recent
years. Building on this, our goal is to reach 3GW of operating projects within
five years through continued organic development activities and targeted
strategic opportunities. Our vision is to become a leading provider of 24/7
clean energy delivering a sustainable future of renewable power with people and
planet in harmony. For more information visit www.alternusenergy.com. 

About Acadia Energy

Acadia Energy specializes in developing and deploying microgrids and renewable
energy resources, focusing on solar and clean natural gas solutions to enhance
the sustainability and modernization of the nation's energy infrastructure. By
emphasizing resiliency and reliability, Acadia aims to lower power costs for
municipalities and communities, fostering economic growth, job creation, and
improved quality of life through sustainable relationships and collaborative
problem-solving. With a deep commitment to partnering with local, state, and
federal governments, Acadia leverages its management team's extensive experience
in mission-critical solutions to develop the microgrid marketplace. Over the
last seven years, Acadia has built strong relationships with municipalities,
Industrial Development Agencies, and private entities in Central New York,
creating a significant pipeline of potential projects totaling up to two
gigawatts. For more information visit www.acadiasustainableresources.com. 
 
Forward-Looking Statements
 
Certain information contained in this release, including any information on the
Company's plans or future financial or operating performance and other
statements that express the Company's management's expectations or estimates of
future performance, constitute forward-looking statements. When used in this
notice, words such as "anticipate," "believe," "continue," "could," "estimate,"
"expect," "intend," "may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would" and similar expressions, as they relate to us or
our management team, identify forward-looking statements. Such forward-looking
statements are based on the beliefs of management, as well as assumptions made
by, and information currently available to, the Company's management. Such
statements are based on a number of estimates and assumptions that are subject
to significant business, economic and competitive uncertainties, many of which
are beyond the control of the Company. The Company cautions that such
forward-looking statements involve known and unknown risks and other factors
that may cause the actual financial results, performance or achievements of the
Company to differ materially from the Company's estimated future results,
performance or achievements expressed or implied by the forward-looking
statements. These statements should not be relied upon as representing Alternus'
assessments of any date after the date of this release. The Company undertakes
no obligation to update these statements for revisions or changes after the date
of this release, except as required by law.

For More Information:

Alternus Investors:
Alternus Clean Energy
[e-mail] 
[phone]
 
Alternus Media:
The Blueshirt Group
[e-mail] 
[phone]

Acadia Investors & Media:
Jim Hibbert, Director of Public Relations
[phone]


About Alternus Energy Group: 
The Company is a transatlantic clean energy independent power producer (IPP). We
currently develop, install, own and operate utility scale solar parks in America
and Europe. Our highly motivated and dynamic team at Alternus have achieved
rapid growth in recent years. Building on this, our goal is to reach 3GW of
operating projects within 5 years through continued organic development
activities and targeted strategic opportunities. Our vision is to become a
leading provider of 24/7 clean energy delivering a sustainable future of
renewable power with people and planet in harmony. 

AEG operates primarily through ALternus Clean Energy, Inc. (Nasdaq: ALCE).  AEG
is listed on the Euronext Growth Oslo exchange and headquartered in Ireland,
while Alternus Clean Energy, Inc. is listed on Nasdaq and headquartered in the
US. They remain as two separate legal entities.

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