Alternus Energy Inc. (OTCPK:ALTN) agreed to acquire 7 operating photovoltaic plants located in Italy from Risen Energy (Hongkong) Co., Ltd for $8.1 million on May 15, 2019. The total compensation for the acquisition is approximately $8.1 million cash, less $1.5 million held back for the closing of the final plant, and less $0.4 million held in escrow against certain tax open items and as a hold back for any unexpected items. Alternus will utilize its existing credit facility to fund the transaction. The 5.1 MW of parks currently generate annual revenues in excess of $1.5 million. As of June 27, 2019, Alternus Energy closed a $9.75 million financing from Eiffel Energy Transition Fund S.L.P which will be used to refinance a portion of the transaction. The closing of the final plant is expected to occur by June 30, 2019.