Dublin, 23 December 2021 International Independent Power Producer (IPP) Alternus
Energy Group Plc (OSE: ALT) (the "Company" or "Alternus") has acquired 12.9
megawatts (MW) of operational Polish projects. The projects, each 1 MW in size,
are located across the country.   

Alternus partnered with an experienced local developer for the development and
construction of the projects. The commercial operation date (COD) for the
acquired portfolio was reached during December. This forms part of the agreement
between Alternus and the developer for a total contracted pipeline of 24
megawatt peak (MWp). The additional 11 MWp is currently expected to reach COD in
Q1 2022.

The projects have Government-backed contracts in place as part of the policy
mechanism supporting the installation of projects up to 1 MWp in size. Alternus
Energy's Polish portfolio is now diversified with both subsidised and
unsubsidised projects following the acquisition of the 64.6 MWp Witnica solar
park from BayWa r.e. in August. That project was Poland's first subsidy-free
utility-scale solar installation with a 10-year virtual power purchase agreement
(PPA) in place with Górazdze Cement S.A., the Polish subsidiary of Heidelberg
Cement Group. 

Speaking about the latest acquisition, Vincent Browne, Chairman and CEO, said 

"This transaction further strengthens our position in the Polish market
following our market entry earlier this year. We view Poland as a key growth
market thanks to the supportive policy, clean energy targets and established
routes to market. We look forward to further expansion of our portfolio next
year and are engaged in negotiations to support our ambitious growth plans to
achieve 200 MW of operational clean power stations by YE 2022 and a 400-500 MW
operational portfolio by 2025."

The 13 MWp portfolio was acquired for circa EUR13 million in gross proceeds, fully
funded by the EUR20 million bond issuance completed by Alternus in November.

Joseph Duey, CFO, Alternus Energy added

"The contracts for difference (CfD) in place for these projects add a secure
predictable revenue stream to our Polish portfolio to complement the existing
PPA contract. These projects are expected to provide an average of EUR1.2 million
in annual recurring revenues over their 30+ year lifetime. Our ability to
acquire projects with both types of off-take contracts in place demonstrates the
maturity of the market and range of attractive opportunities available." 


About Alternus Energy Plc
Alternus Energy Group (Alternus) is an international vertically integrated
independent power producer (IPP) that is currently listed on the Euronext Growth
Market - Oslo. Headquartered in Ireland, the company is focused on the midsized
utility scale solar PV market. Alternus owns and operates a diverse portfolio of
utility scale solar PV parks on long-term government contracts and/or power
purchase agreements with investment grade off-takers. Having started in 2016
with two parks and 6 MWp capacity, the current operational portfolio consists of
24 parks across Poland, Romania, Italy, the Netherlands and Germany totalling
130 MWp. Alternus works closely with local and international specialist
development partners providing a constant pipeline of new projects for
acquisition and construction. Alternus aims to own and operate over 3.5 GWs of
solar parks by the end of 2025 and to become one of the largest pan-European
IPPs by the end of the decade. 

Forward Looking Statements: Certain information contained in this letter,
including any information on the group's plans or future financial or operating
performance and other statements that express the group's management's
expectations or estimates of future performance, constitute forward-looking
statements (when used in this document, the words "anticipate", "believe",
"estimate" and "expect" and similar expressions, as they relate to the group or
its management, are intended to identify forward-looking statements). Such
statements are based on a number of estimates and assumptions that, while
considered reasonable by management at the time, are subject to significant
business, economic and competitive uncertainties. The group cautions that such
statements involve known and unknown risks, uncertainties and other factors that
may cause the actual financial results, performance or achievements of the group
to be materially different from the group's estimated future results,
performance or achievements expressed or implied by those forward-looking
statements.

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