Alternus Energy, a producer of renewable energy with its headquarters in Ireland, has agreed to a project financing facility with Deutsche Bank for up to $532.3 million. Additionally, a $85.1 million initial draw has been authorised. The company will use the proceeds to acquire solar photovoltaic assets, both operating and under-construction projects, in Europe.  In order to support Alternus’s intended expansion strategy through 2025, the company stated it will also use the funds to finance the construction of up to 600 MW of the development pipeline on a revolving basis. 

Additionally, it will aid in the completion of the company’s continuing contracted purchases. Deutsche Bank will also serve as lead arranger in the syndication of the remaining facility as and when projects are submitted for approval. By the end of 2025, the facility will support Alternus in increasing its existing annual recurring revenues from about $31.9 million to over $212.9 million. With $425.9 million in lifetime revenues—of which $183.1 million is already contracted—the company’s operating portfolio of solar assets spread across five European countries currently provides an alluring long-term recurring cash flow production.

In October 2022, Alternus announced the execution of a definitive business combination agreement with Clean Earth Acquisitions Corp., a climate technology and energy transition-focused special purpose acquisition company. The transaction is expected to close in the first half of 2023, at which point, Alternus would transfer its operations and equity ownership in substantially all its subsidiaries in exchange for up to 90 million newly issued shares in Clean Earth, and Clean Earth would change its name to Alternus Clean Energy Inc.