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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Alternus Energy : doubles operating assets to 130 MWp with closing of acquisition of 64.6 MWp Polish Witnica solar park from BayWa r.e.

08/31/2021 | 10:08am EDT
Dublin, 31st August 2021, Fast growing pan-European Independent Power Producer
("IPP") Alternus Energy Group Plc (OSE: ALT) (the "Company" or "Alternus")
continues its expansion and doubles its installed capacity with the acquisition
of a 64.6 MWp Polish solar park from leading global renewable energy company
BayWa r.e. The sales contract was signed between the parties in August 2021.

The solar park is in Witnica, close to the German border between Poznan and
Berlin. It is Poland's first subsidy-free utility-scale solar installation with
a corporate power purchase agreement (PPA) in place. The project is also the
largest in Alternus' operational portfolio to date. BayWa r.e. will continue to
supply operations and maintenance services at the solar park.

A 10-year virtual PPA has been secured with Górazdze Cement S.A., the Polish
subsidiary of Heidelberg Cement Group. 

Speaking about the exciting acquisition, Vincent Browne, Chairman and CEO of
Alternus said:

"We are delighted to mark our official entry into the Polish market with the
acquisition of the Witnica solar park, the first subsidy-free, PPA-backed
utility-scale solar installation in Poland. We have plans for further expansion
within the country over the next 12 months and hope to share updates on that
shortly. It was a pleasure working with the BayWa r.e. team on this project and
we look forward to future successful engagement with them across key markets." 

Commenting on the new partnership, Dr. Benedikt Ortmann, Global Director of
Solar Projects at BayWa r.e. said: 

"The sale to Alternus Energy aligns well with our goal of developing and selling
additional solar capacity in Poland in future years and further highlights the
attractiveness of renewable energy assets to investors. We look forward to
future engagement with the Alternus team as both companies work to support the
transition to renewables across Europe."

"With this acquisition, Alternus increases its power generation capacity by 100%
and now operates a diverse portfolio of 24 solar PV parks across five European
countries with a combined capacity of 130 MWp" added CFO of Alternus, Joseph

About Alternus Energy Plc

Alternus Energy Group ("Alternus") is a fast-growing pan-European vertically 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

Contact information:
Alternus Energy 
Anne Arnold
Communications & Marketing Manager 
Phone: +353 (0) 86 031 9624
Email: apa@alternusenergy.com 
Website: www.alternusenergy.com 
LinkedIn: https://www.linkedin.com/company/alternusenergy/ 

About BayWa r.e. AG (BayWa r.e.)

At BayWa r.e. we r.e.think energy - how it is produced, stored and can be best
used to enable the global renewable energy transition that is essential to the
future of our planet.  

We are a leading global developer, service supplier, distributor and solutions
provider and have brought over 4 GW of energy online and manage over 10 GW of
assets. We are also an Independent Power Producer with an expanding energy
trading business.
BayWa r.e. works with businesses worldwide to provide tailored renewable
solutions. Operating 100% carbon neutral, we are also committed to our own
sustainability journey.  
Every day, we are working hard to actively shape the future of energy in a
diverse, equitable and inclusive workplace. 
Our shareholders are BayWa AG, a EUR17.2 billion global business, and Energy
Infrastructure Partners, a leader in energy infrastructure investment.  

Contact information:
BayWa r.e. AG
Karin Kreuzer 
Corporate Communications 
Phone: +33 4 30 00 32 06 
Email: karin.kreuzer@baywa-re.com 
Website: www.baywa-re.com

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
ALTERNUS ENERGY GROUP PLC -2.56% 30.495 Real-time Quote.0.00%
BAYWA AG 4.64% 49.6 Delayed Quote.37.02%
09/30ALTERNUS ENERGY GROUP PLC : Schedule Annual General Meeting
09/01ALTERNUS ENERGY : doubles its installed capacity with Poland-based Witnica solar park acqu..
08/31ALTERNUS ENERGY : doubles operating assets to 130 MWp with closing of acquisition of 64.6 ..
08/31ALTERNUS ENERGY GROUP PLC (OB : ALT) acquired 64.6 MWp Polish Witnica solar park of BayWa ..
08/23ALTERNUS ENERGY : Appoints Tone Bjørnov To Board Of Directors
08/18ALTERNUS ENERGY : grows annual recurring revenues and asset base in second quarterNotably ..
08/17ALTERNUS ENERGY : Q2 2021 IFRS Financial Statements
08/17ALTERNUS ENERGY : Q2 2021 Financial Presentation
08/17ALTERNUS ENERGY : Demonstrates Strong Financial Performance for Q2 2021
08/13ALTERNUS ENERGY : New Share Capital Registered
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Sales 2021 15,0 M 17,4 M 17,4 M
Net income 2021 12,0 M 14,0 M 14,0 M
Net Debt 2021 81,0 M 94,2 M 94,2 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 82,3 M 95,8 M 95,7 M
EV / Sales 2021 10,9x
EV / Sales 2022 16,9x
Nbr of Employees -
Free-Float 90,7%
Duration : Period :
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Mean consensus BUY
Number of Analysts 1
Last Close Price 30,50 NOK
Average target price 35,00 NOK
Spread / Average Target 14,8%
Managers and Directors
Vincent Browne Chairman & Chief Executive Officer
Joseph E. Duey Chief Financial Officer
Larry Farrell Vice President-Operations
Tone BjÝrnov Non-Executive Director
Taliesin Durant General Counsel