Alternus Energy set to acquire 15 MWp of additional capacity in Poland and Italy following successful €20 million bond issuance

8th November 2021 Pan-European Independent Power Producer ("IPP") Alternus Energy Group Plc (OSE: ALT) (the "Company" or "Alternus") through its wholly owned subsidiary, Solis Bond Company DAC, has successfully completed a tap issue of EUR 20 million of its senior secured green bond issue (ISIN: NO0010914914). Arctic Securities AS acted as financial adviser and sole bookrunner for the tap issue.

The proceeds' intended use is the acquisition of 14 operational Polish PV assets totalling 14 megawatt peak (MWp) and 1 Italian PV asset (1 MWp) in addition to the recapitalization of an existing Italian park. Completion of the acquisitions are subject to customary conditions precedent that are anticipated to be finalised in December 2021.

The tap was completed at an issue price of 102% of par value, corresponding to a yield of 5.5% and a spread of approximately 608 bps. Settlement of the tap issue is expected to take place on 12 November 2021. The current outstanding amount under the bond terms is now EUR 130 million and the borrowing limit is EUR 200 million.

Speaking about the issuance, Chairman and CEO, Vincent Browne said

"This is the second bond issuance that our team has successfully completed this year. The speed at which we were able to complete this transaction demonstrates both the flexibility of our bond financing structure and the effectiveness of our business model. The fact that it was significantly oversubscribed shows that our portfolio of European operating solar assets is a highly attractive investment opportunity, from both an economic and ESG perspective. The proceeds will be used to strengthen our position across our core markets and increase our total operating capacity by 12%, and long run EBITDA by approximately 8%. We look forward to further successful issuances as part of our ambitious growth plans to achieve 3.5 gigawatts of operational capacity by 2025."

About Alternus Energy Plc

Alternus Energy Group ("Alternus") is a pan-European 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.

Contact information

Alternus Energy
Anne Arnold
Communications & Marketing Manager
Phone: [phone]
Email: [e-mail]
Website: www.alternusenergy.com
LinkedIn: https://www.linkedin.com/company/alternusenergy/